Shares of MTNL jumped 5% in morning trade after the company signed a MoU with NBCC to jointly develop a 13.88-acre land parcel on Pankha Road, New Delhi. The project, estimated at ₹1,600 crore, would transform the site into residential and commercial space.
The development seeks to develop a modern and vibrant property by utilizing MTNL’s strategic asset base along with NBCC’s construction and development experience.
This partnership demonstrates the growing trend of public-private partnerships in India’s real estate industry, which aims to improve vital urban areas and maximize the potential of underutilized assets.
As of 10:18 am, MTNL shares were trading 5.00% higher at Rs 56.51 on the NSE.
