MTNL transfers Mumbai’s Bandra Kurla Complex leasehold property to NABARD for Rs 350.72 crore

New Delhi: State-run telecom operator Mahanagar Telephone Nigam Limited (MTNL) has executed a deed of assignment to transfer leasehold rights of a residential property in Mumbai’s Bandra Kurla Complex (BKC) to National Bank for Agriculture and Rural Development (NABARD) for a consideration of Rs 350.72 crore.

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The company informed stock exchanges that the agreement was executed on Monday, in compliance with SEBI (LODR) regulations. The transaction involves the transfer of leasehold rights for the unexpired term of MTNL’s residential property—GN Block, BKC Quarters—comprising 28 quarters with a plot area of 2,680 sqm and built-up area of 4,021.43 sqm, located at MMRDA Plot No. R-4, Bandra (East), Mumbai.

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MTNL stated that the full consideration amount of Rs 350.72 crore has already been received from NABARD. The transaction has been classified as a government-to-government transfer.

The development is part of MTNL’s ongoing efforts to monetise non-core assets and strengthen its financial position.

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