BSNL and MTNL, the two companies, have failed to show any credible turnaround despite being allotted a massive Rs 70,000-crore revival package a while ago.
Even though these companies have failed to revive, the government can make a handsome amount of money off them.
And the government plans to do it by selling massive assets owned by these companies. These assets spanning across the country are worth thousands of crores.
The government has decided to start the sale process of some of these assets in a phased manner.
BSNL and MTNL assets worth 970 Crore are up for sale
Recently, the government has listed some of the real estate assets of state-run telecom firms MTNL and BSNL at a reserve price of around Rs 970 crore.
BSNL properties located in Hyderabad, Chandigarh, Bhavnagar, and Kolkata have been posted for sale at a reserve price of around Rs 660 crore.
MTNL assets located in Vasari Hill, Goregaon in Mumbai are also up for sale at a reserve price of around Rs 310 crore.
MTNL’s 20 flats located in Oshiwara have also been put up for sale.
The flats include two units of a 1-room set, 17 units of 1 bedroom hall and kitchen (BHK), and one unit of 2 BHK. Their reserve prices range from Rs 52.26 lakh to Rs 1.59 crore.
The Department of Investment and Public Asset Management (DIPAM) website has listed these as part of the asset monetization plan of the company.
The e-auction for MTNL assets will take place on December 14.
This is just a tip of the huge asset monetization plan by the government
The Centre had unveiled a Rs 6 lakh crore asset monetization plan that will be implemented over the next four years.
Assets that have been identified for monetization include roads, power transmission, and generation, gas pipelines, warehousing, railways, telecom, 25 airports, 31 projects in nine major ports, coal and mineral mining, sports stadia, redevelopment of colonies.
It should be noted that the asset monetization is part of the Rs 69,000 crore revival scheme for MTNL and BSNL which was approved by the government in October 2019.
Both the public sector firms will be identifying and monetizing assets worth Rs 37,500 crore by 2022.