Tata Communications is likely to raise Rs 2,500 crore by selling properties across Delhi, Mumbai and Chennai, in the wake of continuing losses. It has identified land parcels valued at over Rs 2,500 crore in these metros for monetization. The entity has employed property consultancy firms Jones Lang LaSalle India and Cushman & Wakefield to help sell some unutilized properties that originally belonged to Videsh Sanchar Nigam.
In first of the deal in the pipeline, a leading provider of A New World of Communications has sold a 1.5-acre property in Chennai for Rs 195 crore to VGN Group, a real estate developer.
Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.
