April 27, 2006
The media had reports on April 26, 2006 that Mahanagar Telephone Nigam Ltd. will foray into real estate sector and is also planning to form a new subsidiary for the same.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Mahanagar Telephone Nigam Ltd. has vide its letter inter-alia staed, "We write to inform you that CMD, MTNL during the Press Conference on 25.4.2006, while briefing on the Unaudited Financial Results for the 4th quarter ended on 31.3.2006 disclosed company's plan to make use of its surplus land/real estate and stated that we propose to have a separate entity (which could even be a separate group within MTNL), inter-alia to earn additional revenue and provide better customer services. The said proposal is at a very initial stage and we will inform the stock exchanges as and when there is any concrete development in the matter."
Source: National Stock Exchange of India Limited
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