MTNL Share Price Surges Over 12%; Approves ₹891.53 Crore Powai Land Transfer to Income Tax Department

Mahanagar Telephone Nigam Limited (MTNL) has approved the sale and transfer of its property at Plot-C, Technology Street, Powai, Mumbai, to the Income Tax Department for ₹891.53 crore. The decision was approved through a circular resolution dated October 1, 2026.  

Property Details 

The transaction covers a land area of 20,895.60 square metres, as specified in the rectification deed. The property is located at Technology Street in Powai, Mumbai – 400 076.  

Government-to-Government Transfer 

MTNL said the transaction will be carried out through a Government-to-Government (G2G) transfer or direct sale. The approval follows the formal acceptance received from the Income Tax Department for the proposed transaction.  

Approvals for the Transaction 

The company stated that the sale is being undertaken based on Presidential Approval and Alternative Mechanism (AM) approval.  

Company Disclosure 

The disclosure was submitted on October 1, 2026. MTNL’s filing was signed by Company Secretary Ratan Mani Sumit and requested the stock exchanges to take the information on record.  

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Mahanagar Telephone Nigam Limited (MTNL) Share Price Performance  

As of October 1, 2026, 11:24 am, Mahanagar Telephone Nigam share price was trading at ₹25.78, a 12.23% increase from the previous closing price. 

Conclusion 

The approved transaction involves MTNL’s Powai property and a sale value of ₹891.53 crore. The transfer will proceed through the stated government-to-government or direct sale route following the required approvals. 

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