MTNL Board Approves Major Proposals Including BSNL Agreement and Share Sale

The MTNL board has approved a pivotal service agreement with BSNL for ten years and several other key proposals, including the sale of shares in its overseas subsidiary Mahanagar Telephone (Mauritius) and MTNL STPI IT Services Ltd. Additionally, the closure of Millennium Telecom Limited was sanctioned.

The MTNL board has sanctioned a decade-long service agreement with BSNL, alongside several other significant proposals, including a share sale in its overseas subsidiary, Mahanagar Telephone (Mauritius).

In its meeting, the board approved the sale of MTNL shares in MTNL STPI IT Services Ltd, as stated in a regulatory filing by the company.

The service agreement between BSNL and MTNL, effective for ten years unless revoked or extended by mutual consent, is subjected to approval by the Department of Telecom and Ministry of Company Affairs.

The board also approved the sale of shares in Mahanagar Telephone (Mauritius) Ltd, in accordance with the Department of Investment and Public Asset Management guidelines and regulatory procedures.

Additionally, the board has sanctioned the closure of Millennium Telecom Limited, a wholly-owned subsidiary of MTNL, following relevant DIPAM guidelines and processes.

(With inputs from agencies.)