VSNL appoints communication expert for its strategic sale

By Our Special Correspondent

CHENNAI, JUNE 25. The strategic sale of Videsh Sanchar Nigam Ltd (VSNL) will try to avoid some of the pitfalls and high-profile controversies seen in the case of Bharat Aluminium Company Ltd (BALCO). With that intention, the Department of Disinvestment (DOD) has appointed a specialist financial advertising and public relations agency, Sobhagya, to develop a communication strategy to handle the disinvestment of VSNL. As BALCO's sale to Sterlite raised serious controversies not only in the form of the Chhatisgarh Chief Minister, Mr. Ajit Jogi's aggressive posturing but also in the form of employees protest and legal intervention, the DOD has thought it fit to emphasise the communication aspects of the issue from the beginning itself.

According to an official statement, the agency will address the concerns of shareholders, interested bidders, VSNL management and employees, arising from the disinvestment process. The agency will also advise and assist the VSNL management in corporate communications with its employees highlighting the benefits of privatisation.

With several big corporates in the fray for grabbing the 25 per cent Government stake in this telecom giant, the Government does not want to take any chance this time around.

The Government now holds 52.97 per cent of the equity capital of the company. Its already chosen advisors for the disinvestment process are Credit Suisse First Boston and SBI Capital Markets, although there are question marks over the first investment bank.

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Section  : Business
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