Hemisphere Properties India’s (HPIL) board has approved issuance of shares to Tata Communications under an agreement between them in connection with transfer of surplus land during the disinvestment of erstwhile VSNL in 2002. Hemisphere Properties India is a special purpose vehicle and custodian of 773.13 acre land that was owned by then state-owned telecom firm VSNL.
In February 2002, the government sold majority stake in VSNL, now known as Tata Communications. At the time of disinvestment, VSNL's 773.13-acre of surplus land in four cities -- Pune, Kolkata, New Delhi and Chennai -- was kept out of the disinvestment process. These land parcels were then transferred to HPIL.
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