VSL Tata Comm Ltd Adr

VSNL Obtains All Major U.S. Regulatory Approvals To Acquire Tyco Global Network Federal Communications Commission Approval Clears Way for VSNL to Become One-Stop Telecommunications Provider for Global Businesses MUMBAI, India and NEW YORK, May 3 /PRNewswire-FirstCall/ -- Videsh Sanchar Nigam Limited (VSNL) (NYSE:VSL), India's leading provider of international telecommunications and internet services, today announced that the Federal Communications Commission (FCC) in the United States approved its application on April 29th, 2005 to transfer the Tyco Global Network (TGN) landing station licenses from Tyco to VSNL. The FCC's approval culminates a nearly six-month process that included a formal review by the Committee on Foreign Investment in the United States (CFIUS) as well as the Department of Homeland Security (DHS), the Department of Defense (DOD), the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI) and other agencies to ensure the transaction would not pose competition, law enforcement, national security or public safety concerns. All agencies agreed it would not. "By obtaining approval from the FCC for this transaction, VSNL has crossed a significant milestone in its drive to acquire TGN. This acquisition is a major component of our strategy to offer enterprise and carrier customers seamless, end-to-end telecommunications solutions that circle the globe," said Mr. N Srinath, Director of Operations, VSNL. "This network, coupled with our expansive network within India and into Asia, will provide our customers unprecedented choice with regard to global data services. It will also give customers the ability to receive service under one brand with one single point of contact." In November, 2004 VSNL announced that it agreed to acquire Tyco Global Network, the world's most advanced submarine cable system for $130 million (not including the assumption of certain liabilities). About VSNL Videsh Sanchar Nigam Limited (VSNL) is India's leading provider of International Telecommunications and Internet Services and the first telecom service provider in the world to get the prestigious TL 9000 certification. VSNL is India's largest player in International Long Distance services and has a strong pan-India domestic Long Distance presence, VSNL is also a leading player in the Corporate Data Market in India today with a strong service offering covering IPLCs, ILLs, Frame relay, ATM and MPLS based IP-VPN services. VSNL has a strong infrastructure base that covers multiplesubmarine cable systems, switching gateways, IP PoPs and earth stations. VSNL is now rapidly growing its retail and corporate presence under the Tata Indicom brand through its products like high speed broadband, dial-up Internet, net telephony and calling cards, and has an Internet subscriber base of over 750,000 subscribers. The Company is consolidating its presence in the Internet space with an increased focus on the Retail Broadband business. VSNL also offers a host of other valued added services that include Television / Video uplinking, Program Transmission Services, Frame Relay Services and Inmarsat Services. VSNL is expanding its global presence and has set up operations in Sri Lanka, Singapore, Europe and the United States of America. Its existing international connectivity capabilities, both undersea as well as satellite, offer the greatest diversity in India, which is critical for all customer segments, encompassing wholesale, corporate and retail. The Company has recently signed an agreement with Tyco to acquire its global submarine cable network. VSNL has also set up a 3,175 km undersea cable between Chennai and Singapore with a design capacity of 5.12 Terabits. VSNL is listed across all the major stock exchanges in India and also has its ADRs listed on the New York Stock Exchange. (http://www.vsnl.com/) Forward-looking and cautionary statements: Certain words and statements in this release concerning VSNL and its prospects, and other statements relating to VSNL's expected financial position, business strategy, the future development of VSNL's operations and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of VSNL, or industry results, to differ materially from those expressed or implied by such forward- looking statements. Such forward-looking statements are based on numerous assumptions regarding VSNL's present and future business strategies and the environment in which VSNL will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of VSNL's industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in VSNL's control, include, but are not limited to, those risk factors discussed in VSNL's various filings with the United States Securities and Exchange Commission. These filings are available at http://www.sec.gov/. These forward-looking statements speak only as of the date of this release. VSNL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in VSNL's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. DATASOURCE: Videsh Sanchar Nigam Limited CONTACT: New York: Andy Maas of Financial Dynamics, +1-212-850-5631, , or Mumbai: Guarav Wahi of Vaishnavi Communications, +91-56568735,

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