Mahanagar Telephone Nigam Limited (MTNL), the service provider for Delhi and Mumbai, made several key announcements following a board meeting held on 14th Aug. These announcements include new agreements and approvals for proposed sales. MTNL has entered into a 10-year service agreement with BSNL, which can be terminated by mutual consent with a six-month notice.
Additionally, MTNL has approved the closure of its wholly-owned subsidiary, Millennium Telecom Limited (MTL). The closure process will comply with applicable DIPAM guidelines and follow SEBI and company law procedures.
A new wave of speed and connectivity is on its way.
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The company also approved the proposed sale of its shares in MTNL STPI IT Services Ltd (MSITS), with intimation to STPI. This sale will adhere to the JV Agreement with STPI, along with relevant DIPAM guidelines and all other processes as per SEBI and company laws. The offer will be extended to other PSUs or State Governments.
Furthermore, MTNL approved the sale of its shares in Mahanagar Telephone (Mauritius) Ltd, an overseas wholly-owned subsidiary. This sale will be conducted in compliance with DIPAM guidelines, SEBI, RBI, and company laws, as well as existing Mauritian regulations.
