At that time, surplus land measuring 773.13 acres located at five locations in four cities, namely, Pune, Kolkata, New Delhi and Chennai, out of a total of 1230.13 acres of land, was kept out of the purview of the disinvestment deal. PFL was to de-merge or hive off the land into a realty company, for which HPIL was created as a special purpose vehicle. The Tata group holds a stake of nearly 49% in Tata Communications through Panatone, an investment arm that holds over 30% in Tata Sons and Tata Power. According to an ET report last year, the Tatas may hold 2-3% in the listed entity and the land bank could be worth Rs 10,000-15,000 crore when hived off or sold.