Tata Communications joins the bandwagon of top corporates who are looking to raise funds through asset sale. The company wants to raise Rs 1000 crore via the sale of five properties. CNBC-TV18's Priyanka Ghosh reports.
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The company has hired two consulting firms in Mumbai. Three of these land parcels are located in Mumbai and are very much city centric based in BKC, Chembur and Andheri. One is located in Delhi and one in Chennai. These properties are about one-two acres plots and are currently house staff quarters of Tata Communications. It is not a part of the land parcel that is suppose to be under VSNL and was suppose to be de-merged. So, these are other operational lands that the management has identified. This was a big hurdle in Tata Communications raising equity in the past six-nine months.
The management has outlined that this has been a hurdle so it looks like the management has found another way around it. According to market analysts, the proceeds are expected to retire some of its debt and also to be utilised for expansion plans. Tata Communications refused to comment.