(a) whether the MTNL has submitted any plans to the Department of Investment and Public Asset Management to monetize assets in prime locations of Mumbai and Delhi;
(b) if so, the details thereof and the time by which it is likely to be finalized;
(c) the details of amount likely to be accrued by the company from the sale of prime properties in different parts of the country; and
(d) the other measures taken/being taken by Ministry to revive the MTNL?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI ANURAG SINGH THAKUR)
(a) MTNL has submitted a set of assets for monetization through the DIPAM Framework. The assets include land, staff quarters and telephone exchange in Mumbai. No property in Delhi is presently under monetization through the DIPAM Framework.
(b) Details of properties in Mumbai which are presently under monetization through the Department framework are enclosed at the Annexure. International Property Consultants have been appointed for end to end transaction advice on monetization of these properties. The asset monetization process is a complex one involving multiple stakeholders and agencies. A specific time frame for completion of these monetization transactions cannot be defined at present.
(c) The value at which the assets would be monetized would depend on the feasibility of monetization of the asset, the monetization model and the market conditions prevailing at the time of monetization. It would be difficult to anticipate the sale proceeds presently.
(d) According to the Department of Telecommunications, the Government approved the revival plan for MTNL on 23.10.2019. The revival plan inter-alia, includes the measures to reduce the Staff cost through a Voluntary Retirement Scheme (VRS) for employees of age above 50 years for the employees of MTNL, Administrative allotment of Spectrum to MTNL for providing 4G service, asset monetization, Debt restructuring by raising of Sovereign Guarantee Bonds and in-principle approval for merger of BSNL/MTNL.
***
Annexure
Assets of MTNL in Mumbai
S.No Asset Details Size
1 Vasari Hill, Malad, Mumbai Staff Qtr 1.36 acres
2. Mulund, MTNL, Mumbai Tel Exchg & Staff Qtr 2 acres
3. Eksar-1 Main Land, MTNL Mumbai Land Parcel 4.94 acre land
4. Eksar-1 Additional Land, MTNL, Mumbai Land Parcel 1.08 acre land
5. Eksar-II Shimpoli, MTNL, Mumbai Land Parcel 26.25 acre land
6. Staff Quarters Oshiwara, MTNL, Mumbai Staff Qtr 20 Flats (total area 817.6 sq m)