MTNL’s board has approved a proposal to sell its Powai property to the Income Tax Department for Rs 891.53 crore (about Rs 8.91 billion). The approval, made by circular resolution on 1 October 2026, is not a completed sale: the disclosed transaction remains subject to the department’s formal acceptance and is based on Presidential Approval and Alternative Mechanism approval.
What MTNL’s board approved
State-owned Mahanagar Telephone Nigam Limited (MTNL) said its board approved the proposed sale and transfer of its property at Plot-C, Technology Street, Powai, Mumbai, to the Income Tax Department. The company describes the route as a government-to-government (G2G) transfer/direct sale. MTNL’s 1 October 2026 disclosure records the board’s circular resolution and the transaction terms.
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Property area and proposed sale value
The disclosure states a land area of 20,895.60 square metres and a sale value of Rs 891.53 crore, equivalent to approximately Rs 8.91 billion. MTNL says the area and value are as mentioned in the Rectification Deed. The announced sale value is not, by itself, an independent market valuation: the reviewed material does not provide a valuation report or benchmark.
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No completion is established in the reviewed announcement or reporting. The board approved a proposal, and MTNL says it is to proceed in accordance with the Income Tax Department’s formal acceptance and based on Presidential Approval and Alternative Mechanism (AM) approval. The disclosed material gives no closing date, so the board resolution should not be read as confirmation that the property has transferred or that MTNL has received the sale proceeds. Business Standard’s report on the filing likewise describes the board approval and proposed transaction.
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How this fits MTNL’s asset-monetisation activity
MTNL’s 2023–24 annual report describes a broader asset-monetisation framework, including the National Land Monetization Corporation and the company’s property-monetisation activity at that time. That background explains the wider context but does not establish that the Powai transaction has closed. MTNL’s 38th Annual Report 2023–24 covers the earlier framework.
Separately, ETTelecom reported that BSNL manages MTNL’s operations under a 10-year service agreement effective 1 January 2025. That operational arrangement is distinct from the Powai property proposal and does not alter its stated acceptance condition. ETTelecom’s transaction report provides that context.
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