State-run MTNL appoints advisors for property sale

MUMBAI/BANGALORE: State-run telecom company MTNL has mandated property consultant DTZ and Feedback Infrastructure Services to help it monetise its 0.78 million sq ft of built up office space and land parcels in Mumbai and Delhi, persons familiar with the development said.

The consultants will also help MTNL in its plan to develop about 50 land parcels aggregating 6.10 million sq ft in these cities either on its own or in joint ventures with developers.

MTNL and DTZ did not respond to emailed queries.

According to an early estimate, MTNL is aiming to derive around 5,000 crore through the sale of property. Based on the appointed transaction advisor's report, the telecom company will decide if it is feasible to develop these 50 land parcels in a phase-wise manner on its own through a contractor or to enter into joint development agreements with builders.

In an earlier interaction with ET, MTNL's chairman and managing director AK Garg had confirmed that the company had invited bids from consultants.