The Indian Telecom Commission, part of the Department of Telecommunications (DoT), has decided to hive off a 773-acre land that belonged to telco VSNL, now known as Tata Communications, into a special purpose vehicle, according to reports.
The…
The Indian Telecom Commission, part of the Department of Telecommunications (DoT), has decided to hive off a 773-acre land that belonged to telco VSNL, now known as Tata Communications, into a special purpose vehicle, according to reports.
The government, which may take a majority stake in that SPV, still needs to approve that decision, it was said.
In 2002, Tata Group acquired a 45% stake in VSNL, then owned by the government, and renamed it Tata Communications in 2008.
But the land was never part of the deal. As a result, The Indian government has continued to be the main owner of the land, while Tata Communications acted as custodian, wrote the Wall Street Journal.
Tata Com and the Telecom Commission could not be reached for comment before the press deadline.
