BSNL: Vacant plots, flats, properties in megacities put for sale to repay Rs 30000 cr debt by December

In order to repay the debt of Rs 30000 crores which is the lowest in the telecom industry, the Modi government has put assets belonging to the national telecom companies BSNL and MTNL for sale.

As per sources, vacant plots in Chennai and Mumbai have been put for sale, apart from properties in Kolkata and Bhuvneshwar.

“The government’s aim is to repay the loan of Rs 30000 crores by the end of December through the selling of unutilized, non-core property,” said a government source privy to the development.

“Non-core asset monetization commences with the first set of six properties of BSNL/MTNL bid out on the MSTC portal,” Department of Investment and Public Asset Management (DIPAM) Secretary, Tuhin Kanta Pandey had tweeted on Saturday.

“A vacant plot, measuring 10-12 acres located in the close vicinity of the famous RK Studio in Mumbai has been put for the ‘monetization’. The plot has been lying vacant for years,” said the source.

“Similarly, another plot measuring five-six acres, which has turned into a mini juggle in the heart of Chennai is being monetized to repay the loan,” added the source.

As per the DIPAM, properties located in Hyderabad, Chandigarh, Bhavnagar, and Kolkata have been selected for sale at a reserve price of around Rs 800 crore.

The DIPAM said that MTNL assets located in Vasari Hill, Goregaon in Mumbai are for sale at a reserve price of around Rs 270 crore.

20 flats located in Oshiwara belonging to the MTNL have also been put up for sale as part of the asset monetization plan.

The flats include two units of the 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.

When asked, a Union leader, told National Herald that the “selling of assets” is part of the plan chalked out by the government in 2019.

The Union leader who has been at the front opposing privatisation of the public sector tele companies said, “It is part of the plan and all Unions had agreed to it. There are lot of non-core, unutilized properties which is being sold out to repay the loan. If the BSNL/MTNL has to survive, debt has to be finished first.”

According to the government plan, the e-auction for MTNL assets will take place on December 14.

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.

As per the sources, both the public sector companies were asked to identify and monetize assets worth Rs 37,500 crore by 2022.