homeeconomy NewsBSNL, MTNL properties worth Rs 3,000 crore to be sold in Delhi, Hyderabad, and Lucknow

BSNL, MTNL properties worth Rs 3,000 crore to be sold in Delhi, Hyderabad, and Lucknow

BSNL, MTNL properties worth Rs 3,000 crore to be sold in Delhi, Hyderabad, and Lucknow
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By CNBCTV18.com Jan 23, 2023 2:24:59 PM IST (Updated)

The IMG has also given the green light to change the valuation formula for these properties. The new formula will give more preference to the independent value of the properties, rather than their book value as recorded by the companies.

The Indian government's Inter-Ministerial Group (IMG) has given the green light for the sale of properties belonging to Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) worth a total of Rs 3,000 crores. The government will soon invite bids for these properties on the basis of a new valuation formula.

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The decision to sell the properties of these state-owned telecommunications companies is part of the government's ongoing efforts to raise funds through disinvestment.
The properties in question are located in Delhi, Hyderabad, and Lucknow. The Disinvestment Department will soon start inviting bids for the properties.
The IMG has also given the green light to change the valuation formula for these properties. The new formula will give more preference to the independent value of the properties, rather than their book value as recorded by the companies. This is because it is believed that the companies have inflated the value of their properties in their books.
The government's previous attempts to sell these properties failed due to the increased prices, as there were no bids. However, with the new valuation formula in place, the government hopes to sell the properties this financial year. This move is in line with the government's efforts to revive BSNL and MTNL, which have been struggling financially in recent years.
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