Following a multi-agency pitch held last week, it is reliably learnt that Mahanagar Telephone Nigam Ltd (MTNL), Mumbai, has finalized four agencies to handle its creative and media business estimated at around Rs 20 crore. The four agencies are RK Swamy BBDO, Percept H, Sobhagya Advertising and Goldmine Advertising. Among the incumbents, only Sobhagya has managed to retain the account.