MTNL gets Rs 429 cr for surrender of 800 MHz spectrum

State-owned MTNL today said it has received Rs 428.95 crore from government for surrendering spectrum in the 800 MHz band, used for providing CDMA mobile services in the country.

The government had approved to compensate MTNL, which telecom service provider in Delhi and Mumbai, for surrender of 800 MHz spectrum for Rs 458.04 crore.

"Government had approved compensation of Rs 458.04 crore to MTNL for surrender of 800 MHz CDMA spectrum out of which Rs 428.95 crore has been sanctioned for disbursal vide DoT letter dated March 28, 2016 and MTNL has received the amount in its account on March 30, 2016," the company said in a filing to the BSE.

Telecom Minister Ravi Shankar Prasad had earlier said that MTNL, currently running into losses, is likely to turn profitable in the next fiscal.

MTNL had reported a narrowed down net loss at Rs 704.93 crore for the quarter ended December 31, 2015.