Videsh Sanchar Nigam Limited (VSNL), India’s leading international telecom carrier, agreed to acquire Tyco Global Network for US$130 million. The acquisition, which remains subject to government approval in the United States, India and other countries, would give VSNL control over a network that spans 60,000 kilometers (37,280 miles) and three continents.
VSNL is part of the $14 billion Tata Group, which recently listed Tata Consultancy Services (TCS) on the Bombay Stock Exchange. The TCS listing was the largest initial public offering by a private sector corporate in Indian history. VSNL said it intends to leverage the IT strengths of the Tata Group in providing services to large enterprises across the world. http://www.vsnl.comhttp://www.tycotelecom.com/
- In September, VSNL America, a local affiliate of India’s Tata managed Videsh Sanchar Nigam Limited, was granted an International Common Carrier 214 License from the FCC to own and manage a U.S. network. The company plans to serve U.S. multinational corporations looking to penetrate key emerging markets such as India.
- In October 2003, Reliance Group, India’s largest business house with total revenues of US$16.8 billion, agreed to acquire FLAG Telecom Group for $207 million, representing a premium of more than 50% over the closing price of FLAG’s shares on 15-Oct-03. Reliance Infocomm is one India’s largest mobile service providers and operates a national, high-capacity network.