VSNL up 8% on nod to sell surplus land

MUMBAI: VSNL shares rose nearly 8 per cent after the Telecom Commission approved Department of Telecommunications' proposal to sell 773 acres of surplus land in four cities which was earlier owned by VSNL. When state-owned VSNL was privatised in 2002, the Tata Group took control of the company, but the surplus land was kept out of the deal.

According to rough estimates the land would be worth over Rs 10,000 crore. According to reports, Tatas are also reported to be eligible to participate in the auction. The proposal to sell the land has been pending since 2002. At 11:20 am, the stock was up 7.93 per cent at Rs 478.50 after touching a high of Rs 483.