VSL Tata Comm Ltd Adr

VSNL Completes Acquisition of Tyco Global Network Acquisition Will Deepen VSNL's Penetration into the Global Market and Provide Seamless Connectivity to Leading Businesses and Carriers MUMBAI, India and NEW YORK, July 1 /PRNewswire-FirstCall/ -- Videsh Sanchar Nigam Limited, VSNL (NYSE:VSL), India's leading provider of international telecommunications and internet services, today announced that it has completed the acquisition of the Tyco Global Network (TGN), a state-of- the-art undersea cable network that spans 60,000 kms (37,280 miles) and the continents of North America, Europe and Asia. With the acquisition of TGN, VSNL is now one of the world's largest providers of submarine cable bandwidth. VSNL acquired the network for $130 million (not including the assumption of certain liabilities). "This acquisition is another positive step in our ongoing drive to offer global connectivity and efficient communications solutions for our customers," said Mr. N Srinath, head of operations of VSNL. "Today's agreement confirms our position as a leading global service provider. It also positions the Tata Group as a leading entity that can provide seamless telecommunications and IT services under a single umbrella for global enterprises." VSNL is part of the $17 billion Tata Group, which last year listed Tata Consultancy Services (TCS) on the Bombay Stock Exchange. TCS is Asia's largest software service provider and system integrator. Ongoing management responsibility of TGN will be assigned to VSNL International, the division leading VSNL's expansion into key global markets. VSNL International is rapidly growing its global footprint, with offices currently in Virginia, New Jersey, London, Paris, Madrid, Amsterdam, Frankfurt, Singapore and Tokyo. "Our multinational clients require seamless connectivity around the globe and customized network architecture," said Mr. Vinod Kumar, President, VSNL International. "The combination of the TGN assets and the deep network penetration of VSNL throughout India will allow VSNL to design customized and scalable connectivity solutions between all the key global business centers, through a single point of contact." The agreement culminates a nearly eight-month process that included approval from regulatory bodies in the United States and other countries. About VSNL Videsh Sanchar Nigam Limited (VSNL) is a leading provider of International Telecommunications Services. 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 multiple submarine cable systems, switching gateways, IP PoPs and earth stations. With its recent acquisition of Tyco's global submarine network, VSNL provides seamless connectivity across the globe to carriers and enterprises. VSNL has 30 Points of Presence in 12 countries in North America, Europe and Asia. VSNL also has business operations in Sri Lanka and Nepal and is soon entering South Africa. In India, VSNL is rapidly growing its retail 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. VSNL is consolidating its presence in the Internet space with an increased focus on the Retail Broadband business. VSNL is listed on the major stock exchanges in India and also has its ADRs listed on the New York Stock Exchange. (http://www.vsnl.in/) DATASOURCE: Videsh Sanchar Nigam Limited (VSNL) CONTACT: Greg Jawski of Financial Dynamics, +1-212-850-5653, or mobile, +1-718-415-3265, , for Videsh Sanchar Nigam Limited (VSNL) Web site: http://www.vsnl.in/

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