Tata Communications plans to sell properties across Delhi, Mumbai and Chennai to raise more than Rs 2,500 crore to raise capital in the wake of continuing losses, sourcs said. Tata Group's telecom arm, which reported net loss of Rs 201 crore for the third quarter ended December, has identified land parcels valued at over Rs 2,500 crore in these metros for monetisation.
The company owns prime plots of over one acre each across these cities, the person added. Tata Communications has appointed property consultancy firms Jones Lang LaSalle India and Cushman & Wakefield to help sell some unutilised properties that originally belonged to Videsh Sanchar Nigam. Tatas acquired VSNL in 2002.
The firm has formed a leasing committee under the existing board of directors, which also has two government nominees. The leasing committee gives nod on the land monetisation but these land parcels are not part of surplus land identified by the government for monetisation, though they originally belong to VSNL. This was mainly done to help the company financially, the sources said.