The government has announced the sale of six properties of companies including MTNL and BSNL. The properties have been valued at 970 crores. These are non-core assets of loss-making companies MTNL and BSNL.BSNL and MTNL are state-owned companies that are currently at loss and have failed to show any turnaround even after offering a relief package by the government. The Department of Investment and Public Asset Management(DIPAM) has invited bids on the Metal Scrap Trade Corporation Limited website(MSTC) for the non-core asset monetization of the two struggling telecom PSUs.
The companies have also been provided with a Rs 70,000 crore revival package but still are struggling to keep making profits. BSNL properties that are placed in Hyderabad, Chandigarh, Bhavnagar, and Kolkata have been posted for sale at a price of Rs 660 crore. The DIPAM website has listed assets of MTNL in Vasari Hill, Goregaon in Mumbai for sale at a reserve price of about Rs 310 crore. The sale of the assets will be held virtually on December 14. These sales of properties are a part of a 69,000 crore revival package that was accepted in 2019 by the central government.
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The sale is to be held in phases. The firms have to monetize Rs 37,500 crore assets by 2022. There is an existing issue of land use that puts barriers to utilizing the land for non-telecom purposes. A previous proposal of selling the MTNL and BSNL towers was also suggested by the government but no action has been taken yet. Assets that are going to be sold off during the period of four years include warehouses, gas pipelines, airports, railways, telecom, sports stadium, coal mining, and redevelopment of colonies. Only brownfield assets are going to be included and land is going to be left out.
