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Tata Communications sell Nungambakkam land for Rs. 192 crores
Posted on: 08/Apr/2013 11:33:37 AM
Tata Communications Ltd. has announced that one of its assets, a piece of land in Nungambakkam that housed accommodation for its employees has been sold for Rs. 192 crores. In an official statement, the company said, ‘The company has completed a sale transaction of the land parcel and building situated at Nungambakkam, Chennai, for a transaction value of Rs 192.3 crore. The above transaction is in line with the company`s objective of monetizing its non-core assets.’
Shares of the company closed 1.5% down at Rs. 225.85 following the announcement. In December of 2012, the company’s MD and Group Chief Exec. Vinod Kumar had said, ‘The company will focus on cost reduction and cost rebalancing across the portfolio due to uncertain global economic
outlook. With associated issues such as surplus land and government equities, our hands are tied to some extent on how we can financially structure the company for optimal results. That is a challenge and, hopefully, it will get resolved in the coming quarter.’
