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Land Bank of MTNL

December 26, 2007

MTNL has 34 plots in Mumbai and 33 plots in Delhi – size not disclosed. Currently, an IT park is being constructed on the land in Noida (~80k sq feet). Expression of Interest (EoI) for another 5 plots in Delhi have been called for. Management expects atleast 40-50% of the development work to be completed by December ’08.

For the land in Mumbai, they are in the process of identifying consultants for the same. MTNL may itself undertake the development of its land bank in Mumbai. Revenues from land bank will be largely from rental income (particularly in Mumbai) as most of the land is in the form of office space/buildings.

No outright sale is being considered at this point of time. It is unlikely that revenues from the development of the land will have any material impact on the earnings for the company for FY08-09E.

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