MTNL Approves Sale of Powai Property for ₹891.53 Crore to Income Tax Dept.
MTNL's Board approved the sale of its Powai, Mumbai property to the Income Tax Department for ₹891.53 Crore. The transaction, a G2G transfer, covers 20,895.60 Sqm of land. The approval follows the Income Tax Department's acceptance and necessary governmental sanctions.
The sale of a major property for a considerable amount like ₹891.53 Crore is expected to have a material financial impact on MTNL.
The sale of a significant asset at a substantial value is generally viewed positively as it can improve the company's financial position and reduce debt.
Mahanagar Telephone Nigam Limited (MTNL) has announced the approval for the sale and transfer of its property located at Powai Plot-C, Technology Street, Powai, Mumbai – 400076. The sale is to be conducted through a Government-to-Government (G2G) transfer or direct sale to the Income Tax Department.
The Board of Directors, through a Circular Resolution passed on October 01, 2026, sanctioned this transaction. The property, spanning a land area of 20,895.60 Sqm, has been agreed upon for a sale value of ₹891.53 Crore. This decision is based on the formal acceptance received from the Income Tax Department, along with Presidential Approval and Alternative Mechanism (AM) approval.
The company has submitted this disclosure in compliance with Regulation 30 & 51 of the SEBI (LODR) Regulations, 2015.
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Mahanagar Telephone Nigam Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Mahanagar Telephone Nigam Limited. Read the original for the full detail.