The Finance Ministry has asked Mahanagar Telephone Nigam Ltd. to submit a time-bound plan to monetise its assets, according to people familiar with the matter.
Around 50 assets have been identified across the country for potential monetisation, the people said. The government aims to use proceeds from MTNL and Bharat Sanchar Nigam Ltd. asset sales to repay outstanding liabilities.
The development came as MTNL’s total financial debt stood at Rs 33,568 crore, including Rs 8,415 crore in dues to lenders. The Finance Ministry has not approved any fresh capital infusion to cover MTNL’s dues, the people said.
The National Land Monetisation Corporation is working with MTNL to support the process, the people quoted above said. Talks with state and local authorities on land clearance are progressing, they added.
Valuation work for BSNL’s surplus non-core assets is underway, according to the above sources, who added that valuers are being empanelled to handle different categories of properties.
. Read more on Business by NDTV Profit.MTNL’s total financial debt stands at Rs 33,568 crore, including Rs 8,415 crore in dues to lenders. Read MoreBusiness, Economy & Finance, Notifications
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