VSNL in expansion mode, buys land in Bandra-Kurla

Mumbai, January 23: | Updated: Jan 24 2002, 05:30am hrs
Videsh Sanchar Nigan Ltd (VSNL) has finalised a property deal at Bandra-Kurla complex for a consideration of Rs 55.65 crore. The land, measuring about 22,250 sq mts, has been purchased from Mumbai Metropolitan Regional Development Authority (MMRDA).

According to a senior VSNL official, the property would be developed to set up a corporate office, a technical building and accomodation for the employees. Half the plot has been earmarked to house the employees, he added.

VSNL already has two corporates offices in Mumbai, at Fort and Prabhadevi. Both the offices would be retained, added sources. The offical added that company has appointed an architect to draw up a plan to develop the property. Only the primary sketches are ready at the moment, he added.

The official added that the cost of developing the plot is being worked out. The agreement between VSNL and MMRDA stipulates that the office has to be operational within five years, from the date of signing the deal for the property, he added.

The acquisition of land at Bandra-Kurla is part of VSNL’s aggressive expansion plan, undertaken by the company to provide better infrastructure to the consumers. VSNL is focussing on value-added services and new business areas. The company plans to spend Rs 2,000 crore during the current financial year of the Rs 5,900 crore for the five-year period ending March 2002, to update technology and improve the services offered to the customers.

VSNL had made an expenditure outlay of Rs 5,900 crore over a five year period for enhancement of its infrastructural facilities and services.