MTNL submits plans for first phase of asset monetisation

Loss-making state-backed telco Mahanagar Telephone Nigam Limited (MTNL) has begun the process of monetising a portion of its assets, as it looks to turn profitable in the next financial year. The Economic Times cites MTNL Chairman Sunil Kumar as saying that the company has identified assets worth an estimated INR230 billion (USD3.2 billion) that could potentially be monetised. Of that total, the company has submitted plans for the monetisation of land, offices and residential properties worth around INR62 billion to the Department of Investment and Public Asset Management (DIPAM), the official noted.