DoT AND VSNL REACH AGREEMENT
In a joint statement issued today, the Department
of Telecommunications (DoT) and the Videsh Sanchar Nigam Limited
(VSNL) announced that they have reached an agreement following
cordial discussions on the subject of the strategic investment
by VSNL in Tata Teleservices Limited (TTSL).
As per the understanding, the Committee already
established by the Board will study and decide the quantum and
the valuation/price at which the investment will be made by VSNL
in TTSL at various points of time. It will also decide the tranches
and periodicity of investment in TTSL. The Committee will include
a Government nominee Director, Mr. Y.S. Bhave and will complete
its deliberations by August 15, 2002.
Both DoT and VSNL reiterated their commitment
to working in a spirit of mutual understanding and accommodation
with a view to securing VSNL’s future.
