Mumbai, Dec. 16 -- The transaction is part of MTNL's asset monetisation plan. The company will sell the GN Block residential quarters at Bandra Kurla Complex to NABARD through a government-to-government transfer. The deal is valued at Rs 350.72 crore.

The property comprises 28 residential units. It has a plot area of 2,680 square metres and a built-up area of about 4,019 square metres.

Stamp duty and registration charges will be borne by NABARD. MTNL will bear dues prior to transfer and the NLMC fee.

The company said the sale was approved through a circular resolution and is in line with earlier government approvals.

MTNL, a public sector enterprise, is engaged in providing telecom services in the geographical area of Mumbai and Delhi...