Zee Biz Exclusive: MASSIVE Rs 23k cr assets! Govt fast tracks first phase of MTNL’s asset monetisation process, stock hits upper circuit of 5%

The central government has fast-tracked the asset monetisation process of MTNL (Mahanagar Telephone Nigam Limited), which was delayed for a couple of months due to the second wave of Covid-19. 

Sources tell Zee Business Executive Editor Swati Khandelwal that the government has finalised Vasai, Mulund, and some other parts in Mumbai in the first phase of asset monetisation, which comprises around 36 acres of land bank, MTNL possesses.

See Zee Business Live TV Streaming Below:

Besides, shop-cum-office space in Delhi and residential areas in Noida have also been identified to be monetised in the first phase, sources inform Khandelwal.

She further says that these assets will be auctioned on MSTC’s online portal through the e-bidding process, adding further MTNL has a lot of land banks and assets, and it’s not possible to monetise all of these in one go and hence it would happen tranches.

ZEE BUSINESS EXCLUSIVE

MTNL के एसेट मोनेटाइजेशन में सरकार ने लाई तेजी...पहले चरण में मुंबई, दिल्ली में रियल एस्टेट और लैंड एसेट चुने गए- सूत्र#MTNL @AnilSinghvi_ @SwatiKJain pic.twitter.com/5ScTMta9Vr

— Zee Business (@ZeeBusiness) July 15, 2021

Finance Ministry and DIPAM are already ready with the roadmap of the asset monetisation plan, however, it was delayed due to covid concerns. 

In this regard, Managing Editor and the market guru Anil Singhvi terms this as good news for both the companies — MTNL and MSTC, as shares of both the companies have been buzzing.

The market guru says these MTNL properties in Mumbai are worth Rs 5000 crore, while the stale telecom company has overall assets worth Rs 23000 crore.

The shares of MTNL were locked in the upper circuit of 5 per cent to Rs 22.85 per share on the BSE Thursday. It is trading near a 52-week high of Rs 24.4 per share, which was hit on March 15, 2021.

While MSTC shares jumped almost 3 per cent to Rs 322 per share on the BSE intraday trade on the back of this land monetisation news through the company’s portal through the e-bidding process.