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VSNL to gain from Intelsat stake sale.(Financial News)(Videsh Sanchar Nigam Ltd)(Brief Article)

India Telecom, August, 2004

The Videsh Sanchar Nigam (VSNL) is likely to receive around $169 million from the sale of its 5.42 percent stake in U.S. satellite company Intelsat. However, VSNL has yet to receive an official communication regarding the sale.

VSNL was a founding member of Intelsat, a consortium formed in 1964 which owns and operates satellite communication systems. Later, the consortium was privatized in July 2001, and VSNL was allotted a 5.42 percent stake.

The sale of Intelsat is likely to be completed by the end of December, which will result in VSNL receiving capital gains of over $11.4 million.

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