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NEW DELHI : The government has redrawn its plan for monetising the surplus properties and land assets of Bharat Sanchar Nigam Limited—those valued over 100 crore are to be handled by the department of investment and public asset management (DIPAM) and the rest by the department of telecommunications (DoT).

The decision was taken after the sale of non-core assets of BSNL and Mahanagar Telecom Nigam Limited received a poor response in the first-ever sale of non-core assets through auctions in November 2021.

On Monday, BSNL invited bids for the sale of 13 surplus properties situated at prime locations in Andhra Pradesh, Madhya Pradesh, Gujarat, Telangana and Uttar Pradesh. The reserve price for the second set of properties has been kept between 300-350 crore which will be sold via auction.

A senior official said the changed plan will now involve the National Land Monetization Corporation for monetising land or properties of over 100 crore.

Those under 100 crore threshold will be done by DoT through MSTC auction portal, in line with the rules of asset monetisation that were issued by DIPAM in October 2020.

“Two properties located in Hyderabad and Kolkata which were valued at over 100 crore will be monetised by NLMC and another two located in Bhavnagar valued at 40 crore and Rajpura at 70 crore, will be monetised by DoT through MSTC. These sites will be put on sale again," the official said, asking not to be named.

The government had put six properties of BSNL and MTNL for sale for a base price of 970 crore through the MSTC portal in November 2021.

BSNL’s four properties were located in Hyderabad, Chandigarh, Kolkata and Bhavnagar at a reserve price of about 660 crore, while MTNL assets located in Vasari Hill, Goregaon in Mumbai were listed at a reserve price of about 310 crore.

Mint had reported in February that the government will go for re-bidding of BSNL and MTNL’s non-core assets due to the lacklustre response.

ABOUT THE AUTHOR

Gulveen Aulakh

Gulveen Aulakh is Senior Assistant Editor at Mint, serving dual roles covering the disinvestment landscape out of New Delhi, and the telecom & IT sectors as part of the corporate bureau. She had been tracking several government ministries for the last ten years in her previous stint at The Economic Times. An IIM Calcutta alumnus, Gulveen is fluent in French, a keen learner of new languages and avid foodie.
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