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India: VSNL Obtains U.S. Regulatory Approval to Acquire Network Print E-mail
Tuesday, 03 May 2005
Videsh Sanchar Nigam Limited (VSNL), a major Indian provider of international telecommunications and internet services, announced that the Federal Communications Commission (FCC) in the U.S. approved its application to transfer the Tyco Global Network (TGN) landing station licenses from Tyco to VSNL.

The FCC's approval comes after almost six-month of deliberations that included a review by the Committee on Foreign Investment in the U.S., as well as the Department of Homeland Security (DHS), the Department of Defense, the Department of Justice, the Federal Bureau of Investigation and other agencies to ensure the transaction would not pose competition, law enforcement, national security or public safety concerns. All agencies agreed it would not.

"By obtaining approval from the FCC for this transaction, VSNL has crossed a significant milestone in its drive to acquire TGN. This acquisition is a major component of our strategy to offer enterprise and carrier customers seamless, end-to-end telecommunications solutions that circle the globe," said Mr. N Srinath, Director of Operations, VSNL.

In November 2004, VSNL announced that it would acquire Tyco Global Network, a submarine cable system, for US$ 130 million.

Source: PR Newswire