MTNL starts Rs 23k cr asset monetisation through DIPAM

State-run telecom firm MTNL has started the process to monetise assets worth Rs 23,000 crore as it aims to turn profitable in the next fiscal year, a top official of the company said on Thursday.

The company has already submitted plans to the Department of Investment and Public Asset Management (DIPAM) to monetise Rs 6,200 crore worth assets that include 36 acres of land bank in Mumbai, shops-cum-offices in Delhi, and residential quarters in Noida etc.

“We have identified assets worth Rs 23,000 crore that can be monetised. These are all prime properties in Mumbai and Delhi. We have submitted plans to monetise Rs 6,200 crore worth of assets to DIPAM. With the completion of VRS and asset monetisation, we expect to become profitable in the next fiscal,” MTNL Chairman and Managing Director Sunil Kumar told PTI.