Our Company was formed as part of the disinvestment exercise carried out by the Government of India in respect of its holdings in the erstwhile VSNL (currently known as Tata Communications Limited). In 2002, the Government of India conducted a disinvestment exercise in respect of 25% of its shareholding in the equity share capital of VSNL, wherein in terms of the bid for the disinvestment required a separate value to be ascribed to lands to be retained with VSNL and to exclude the value of certain surplus lands, held by VSNL. Panatone was the successful bidder in the disinvestment process and subsequently, entered into the VSNL SPA and the VSNL SHA. In terms of the disinvestment bid, the VSNL SHA and VSNL SPA, the surplus lands identified were required to be hived off or demerged into a separate entity. We currently own or have access to 739.69 acres of land, transferred to our Company in terms of the Scheme of Arrangement. The Surplus Land has been transferred as a part of the overall scheme of disinvestment of the erstwhile Videsh Sanchar Nigam Limited. Upon completion of the transfer, the Company will seek to develop and/or transfer the Surplus Land in accordance with the policies of the Ministry of Housing and Urban Affairs and our management.

The main object of HPIL is to acquire construct, hold, manage, develop, preserve and to deal in any other manner with the properties including sale and purchase thereof.

• To collect and settle revenue, rental, lease charges and such other charges as may be payable by any entity against legitimate use of such property.
• To carry out business of developing, holding, owing, leading or licensing real estate and property of all kinds for this purpose acquiring purchase or through lease license, barter and exchange hire or otherwise.
• To carry out the business of building construction and development of commercial building, industrial shed, offices, house buildings, apartment, structures, hotels  or other allied works of every description on any land acquired howsoever by the company whether on ownership basis  or lease  or licensee and to deal with such construction  or developed  or build premises by letting out, hiring or sale.