MTNL Seals ₹350 Crore BKC Property Deal with NABARD

The board of Mahanagar Telephone Nigam Limited (MTNL) has approved the sale of its residential property in Mumbai’s Bandra Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development (NABARD) for ₹350.72 crore.

The government-to-government (G2G) transaction involves the GN Block, which comprises 28 residential quarters spread across a plot area of 2,680 sq. metres and a built-up area of 4,019.02 sq. metres. Under the terms of the agreement, NABARD will bear the stamp duty, registration fees, and other incidental charges. MTNL, meanwhile, will clear all outstanding dues prior to the transfer, along with the National Land Monetisation Corporation (NLMC) fee, in accordance with a letter of undertaking dated June 29, 2025.

The transaction forms part of MTNL’s broader asset monetisation strategy and has received approvals under the company’s Articles of Association as well as the Alternative Mechanism for asset sales.

News by Rahul Yelligetti.