Tata Comm to sell 2 prime properties in Mumbai for Rs 400cr

Indian global telecommunications company Tata Communications is all set to sell two of its prime properties in Mumbai for Rs 400 crore, reports CNBC-TV18's Priyanka Ghosh.

The company has two staff quarters, one is in Bandra Kurla Complex (BKC) and the other in Andheri (west). Both are residential areas. The BKC project is about an acre of the property size and the Andheri project is about 1.5 acres. Each of these is expected to fetch about Rs 200 crore, which totals to Rs 400 crore. Also read: Tata Motors launches 8 upgraded vehicles including Nano CNG In February, CNBC-TV18 had reported that Tata Communications is looking to raise Rs 1,000 crore via sale of five properties. These are two properties out of those five. The company has not commented on these developments yet. The big picture implication is that in April, the company sold a Chennai project worth Rs 190 crore. These two transactions in Mumbai are expected to conclude in the next two-three months. So, there are several companies which are quite mired in their asset sale projections. Tata Communications seems to have already fast tracked the sale of assets. So, in the next six months the company would have already covered an estimated Rs 600 crore. The remaining two projects will be one in Greater Kailash part II (GK-II) and another one in Chembur, Mumbai.