MTNL approves sale of Powai property to Income Tax Department
In short
MTNL approved the sale and transfer of its Powai Plot-C property in Mumbai to the Income Tax Department, according to an exchange filing. The reporting links the deal to a land parcel sale worth nearly ₹900 crore, but the filing details shared do not confirm that figure.
This matters because the deal could affect MTNL’s finances and its stock, which was reported to jump 17%. The final sale value and completion date are not stated in the available reporting.
What the reporting says
MTNL approved the sale and transfer of its property at Powai Plot-C, Technology Street, Powai, Mumbai, to the Income Tax Department, according to an exchange filing. The reporting says the move was linked to a land parcel sale cited as nearly ₹900 crore, but the filing details provided do not confirm that amount. What remains unclear is the final transaction value and timing of completion.
Why it matters
MTNL said in an exchange filing that its board approved the sale and transfer of its property at Powai Plot-C, Technology Street, Powai, Mumbai, to the Income Tax Department. Publisher summaries tied the move to a land parcel sale of nearly ₹900 crore, but the available filing details do not confirm that amount. The immediate market reaction reported was a 17% share jump, while the final value and closing timeline remain unclear.