Board approves sale of Powai Plot-C land in Mumbai to Income Tax Department for Rs. 891.53 Crore

MTNL's Board, by circular resolution, has approved the sale and transfer of its Powai Plot-C property, Technology Street, Mumbai, to the Income Tax Department.

Thu 1 Oct 2026

Sale Value

Rs. 891.53 Crore

Land Area

20,895.60 Sqm

Property Location

Powai Plot-C, Technology Street, Mumbai

Buyer

Income Tax Department

Transaction Type

Government-to-Government (G2G) direct sale

What was approved

The Board of Directors approved the proposal for the sale and transfer of MTNL's property at Powai Plot-C, Technology Street, Powai, Mumbai to the Income Tax Department.

• Sale value: Rs. 891.53 Crore
• Land area: 20,895.60 Sqm, as mentioned in the Rectification Deed
• Mode: Government-to-Government (G2G) transfer / direct sale

Basis of the decision

The approval follows the receipt of the Income Tax Department's formal acceptance and is based on Presidential Approval and Alternative Mechanism (AM) approval. The Board acted through a circular resolution.

Why it matters

Monetisation of land assets is a way for a company to realise value from property it owns. Here the buyer is a government department and the transaction route is a direct government-to-government sale rather than an open-market auction. Investors may track the completion and receipt of consideration in subsequent disclosures.

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