A draft cabinet note penned by the Department of Telecommunications (DoT) has valued Tata Communications? (the erstwhile Videsh Sanchar Nigam Limited) 740 acre surplus land across Delhi, Maharashtra and Tamil Nadu, at Rs 61.56 billion.
The note also chalks out a roadmap for the transfer of land and seeks the cabinet?s approval for the government to acquire 52.12 per cent stake in Hemisphere Properties India Limited (HPIL), the special purpose vehicle formed for the purpose of holding VSNL?s demerged surplus land.
Currently, HPIL has an authorised capital of Rs 0.5 million, which is subscribed by seven companies of the Tata group. Another 20 per cent of HPIL is now being proposed to be held by the original shareholders of VSNL whose shares were acquired through an open offer by the Tata Group to increase their stake.
The remaining 28.88 per cent will be held by all non-promoters, including UTI, banks, FIIs, mutual funds, ADR holders and the Indian public amongst others, according to the draft note.
After the cabinet gives its approval, applications have to be filed by the erstwhile VSNL and HPIL in the high courts of Mumbai and Delhi for the transfer of surplus land from VSNL to HPIL.
