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Industry: Email Alert RSS FeedVSNL Scraps Plan to Hive off Internet Arm over Divestment.(Videsh Sanchar Nigam Ltd.)(Brief Article)
India Telecom, February, 2001
Videsh Sanchar Nigam Ltd. (VSNL) has dropped plans to hive off its Internet and other value-added services outfit into a separate company and its proposed overseas listing.
"As the government decided to offer a 26 percent stake to a strategic investor in the parent, there is no need to hive off the recently floated Internet ouffit -- Videsh Seamless Services (VSSL) -- into a separate company," R.S.P. Sinha, director of finance at VSNL, said.
The plans for bringing in a strategic partner for VSSL will also be put on the backburner. Earlier, VSNL was planning to offer up to a 50 percent stake in the outfit, which is not yet formally operational, following the overseas listing to raise funds. It planned to expand value-added services.
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