Mahanagar Telephone Nigam Limited Fiscal 2008 Financial Results Available at www.mtnl.in

Business Wire, Oct 22, 2008

NEW DELHI, India -- Mahanagar Telephone Nigam Limited (the "Company") has made available on its website, www.mtnl.in, the Company's audited financial results for the fiscal year ended March 31, 2008, as well as other information contained in its Annual Report on Form 20-F (the "2008 Form 20-F"), which has been filed with the United States Securities and Exchange Commission ("SEC"). A summary of those financial results is attached to this news release.

Upon request, all holders of the Company's American Depository Shares (ADS) may receive a hard copy of the 2008 Form 20-F free of charge by contacting the Company's ADS agent, The Bank of New York Mellon, at 1-888-269-2377.

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1 At March 31, 2008, the exchange rate was Rs.40.02 per US $1.00.

2 Includes capital stock and additional paid-in capital.