Mahanagar Telephone Nigam Limited (MTNL), the state- run telecom provider, plans to raise an amount of Rs.5000 Cr though divesting their real estate assets. MTNL plans to divest its properties located in Delhi and Mumbai.
MTNL has revealed its plans to raise an amount of Rs.5000 Cr through divesting its realty assets located in Delhi and Mumbai. With this plan, the state-run telecom provider has approached a global real estate consultancy.
The debt –driven telecom service provider has directed the real estate consultants to explore the possibility of mixing up of lease and sale. The telecom also has plans to redevelop land parcels on a public – private partnership basis. In short the MTNL’s monetization plans include redevelopment of land parcels, besides leasing and selling.
Most of the lower demanded properties of MTNL would be monetized before the end of this year. Yet an official close to the firm said that more accurate information can be provided only after a week.
MTNL has nearly 100 land parcels in the National Capital Region and Mumbai. This includes a prime land property in West Delhi. The estimated value of this 20 – acre prime property alone would reach nearly Rs.2,000 Cr. However a senior official of DTZ refused to comment on the issue.
MTNL had invited the bids last year too, as the prime land-line provider faced severe loss in the industry. The state- run telecom provider’s debt rose to Rs.1,093 Cr after facing a downturn of 26% in the third quarter of 2012.
On the other hand, BSNL also look for a chance to divest its real estate assets. Due to the sluggish economy many of the state run companies like Air India and BSNL also had called for bids last year.