Vsnl Likely To Sell Intelsat Pie To Ally
Tata firm holds 5.42% in the satellite major
The Tata-owned Videsh Sanchar Nigam Ltd (VSNL) is looking at offloading its 5.42 per cent stake in Intelsat to strategic investors following a delay in the initial public offer (IPO) of the Washington-based global satellite communications company. VSNL is the third-largest investor in the company.
Intelsat had proposed to offload its 20 per cent equity and get listed on the New York and London exchanges.
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But the IPO was shelved following scandals in the US, involving companies such as WorldCom, and a downside in the telecom industry globally.
A senior VSNL executive said,