Government okays VSNL investment in TTL. (Government and Regulations).(Videsh Sanchar Nigam Ltd)(Brief Article)

In a clear signal that the Central government would not be putting obstacles to Videsh Sanchar Nigam Ltd.'s (VSNL's) plans to invest $250 million in the equity of Tata Teleservices Ltd. (TTL), the Department of Telecommunications said it had reached an agreement with VSNL on the issue of the investment.

Union Communications and IT Minister Pramod Mahajan had termed decision by VSNL, in which the Tata group bought the government's 25 percent stake for $300 million in February, as "immoral," and in "breach of trust." Now Mahajan said the issue had been sorted out. The VSNL statement said the subcommittee formed by the board to study VSNL's investment proposal would include a government nominee director, Y.S. Bhave. "The committee will study and decide the quantum...

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