Mahanagar Telephone Nigam Limited (MTNL) announced the signing of a memorandum of understanding (MoU) with Bharat Sanchar Nigam Limited (BSNL) to provide pan-India telecom services on August 31. MTNL stated in a filing to the exchanges on September 1 that the MoU with BSNL will open the path for operational synergies between the two public sector enterprises in the nation.
The MoU will also offer a comprehensive framework for the execution of Cabinet decisions made at its meeting on July 27. MTNL's stock completed the day at Rs 12.20, up 12% from the previous day's closing.
The Government of India established MTNL on April 1, 1986, to improve the quality of telecom services, extend the communication network, introduce new services, and raise money for the telecom development requirements of India's important metro cities of Delhi and Mumbai. MTNL is the major supplier of fixed-line telecommunication service in the two Metropolitan Cities of Delhi and Mumbai.
Bharat Sanchar Nigam Limited is an Indian central public sector company based in New Delhi. The Department of Telecommunications, Ministry of Communications, Government of India owns it. The Government of India established it on October 1, 2000.
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