Approval received for acquisition: VSNL

NEW DELHI: Videsh Sanchar Nigam Ltd (VSNL) has announced that the Federal Communications Commission (FCC) in the US has approved its application on April 29, 2005 to transfer the Tyco Global Network (TGN) landing station licenses from Tyco to the company.






The FCC's approval culminates a nearly six-month process that included a formal review by the Committee of Foreign Investment in the United States (CFIUS) as well as the Department of Homeland Security (DHS), the Department of Defense (DOD), the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI) 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, the Company has crossed a significant milestone in its effort to acquire TGN. This acquisition is a major component of our strategy to offer enterprise and carrier customers seamless, end - to - end telecommunication solutions that circle the globe," said VSNL director of operations N Srinath. "This network, coupled with our expansive network within India and into Asia, will provide our customers unprecedented choice with regard to global data services. It will also give customers the ability to receive service under one brand with one single point of contact," he added.