Date:30/09/2004 URL: http://www.thehindubusinessline.com/2004/09/30/stories/2004093002210700.htm

Back VSNL team in US for talks with Tyco

Our Bureau

Mumbai , Sept. 29

VIDESH Sanchar Nigam Ltd has stepped on the accelerator, as far as its intentions to buy out Tyco Global Network goes.

Officials from VSNL — led by Mr N. Srinath, Chief Operating Officer of the company — as well as senior executives from Bombay House, headquarters of the Tata Group which owns majority stake in VSNL, are currently in the US, negotiating with Tyco, according to VSNL officials.

Tyco Telecommunications is a global provider of communication solutions. The company sells city-to-city capacity services, colocation and managed services on its global fibre optic network, Tyco Global Network connects geographies in Asia, Europe and the US.

VSNL appointed legal, accounting and other advisers for the deal, among whom are names such as Kelley Drye (legal advisers) and Merrill Lynch. If VSNL acquires Tyco Global Network, it will be second instance of an Indian company buying a global optic fibre network.