Tata Communications which is caught in a row with the government over the disinvestment of the erstwhile VSNL, and also the 773 acres of surplus land it received in 2002, said that the company made several attempts since 2005 onwards for the demerger of surplus land but there was no response from the Telecom Ministry.
Tata made this clarification following the media reports that the company may sell the land for about 143,00 crore rupees ($3.2 billion).
The DNA newspaper, in a report titled 'Land sale buzz drives up Tata Communications share price', had said that shares of Tata Communications gained nearly 12 per cent on Wednesday on hopes the long-pending issue of sale of 773 acres of surplus land was near resolution.
“The reports about demerger are speculative in nature. TCL has not received any communication from the GOI on the surplus land issue in the recent past. We welcome any government process that hopefully will expedite the demerger of the surplus land, which Tata Communications has repeatedly requested in the best interests of the Company and its shareholders,” it said in a statement.
On March 22, Telecom Minister Kapil Sibal had ordered an enquiry into the disinvestment of VSNL.
Tata Communications had asserted earlier that it had no intention of holding on to the surplus land.
Tata made this clarification following the media reports that the company may sell the land for about 143,00 crore rupees ($3.2 billion).
The DNA newspaper, in a report titled 'Land sale buzz drives up Tata Communications share price', had said that shares of Tata Communications gained nearly 12 per cent on Wednesday on hopes the long-pending issue of sale of 773 acres of surplus land was near resolution.
“The reports about demerger are speculative in nature. TCL has not received any communication from the GOI on the surplus land issue in the recent past. We welcome any government process that hopefully will expedite the demerger of the surplus land, which Tata Communications has repeatedly requested in the best interests of the Company and its shareholders,” it said in a statement.
On March 22, Telecom Minister Kapil Sibal had ordered an enquiry into the disinvestment of VSNL.
Tata Communications had asserted earlier that it had no intention of holding on to the surplus land.
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