Telecom service provider, Tata Communications Limited has completed a deal to sell land parcel and building situated at Nungambakkam in Chennai for a consideration of Rs. 192.3 Crores.

The company was using the land parcel and building for housing the staff members in the southern Indian city. The company has already received the entire amount of the deal for the land and the building. The company has sold the land and building to Chennai-based developer VGN Group. The deal was mediated by property advisory Jones Lang La Salle India.

The sale of land and the building is a part of the company's strategy to sell its non-core assets in the country. The sale will allow the company to strengthen its financial position and increase focus on core business activities. The monetisation of non-core assets will raise enough money and increase liquidity position of Tata Communications.

Tata Communications wrote in a filing with the Bombay Stock Exchange (BSE) that it has completed the sale deal valued at Rs. 192.3 crore. The shares of the company rose 0.07 per cent to Rs. 229.50 on the BSE.