VSNL sells 10 p.c. equity in Lankan unit

NEW DELHI, INDIA: VSNL has sold 10 per cent stake in its wholly owned subsidiary VSNL Lanka to Sunshine Holdings, for 75 million Sri Lankan rupee.

Sunshine Holdings has the option to acquire an additional five per cent Lanka’s share capital in the next 12 months at fair market value, VSNL said in a statement on Wednesday.

“This partnership with Sunshine Holdings PLC will enable VSNL Lanka to capitalize on our partner’s intimate knowledge of and experience in the Sri Lankan market. This is also part of our attempt to unlock value for our shareholders in an appropriate manner,” said Rajiv Dhar, CFO of VSNL.

Sunshine Holdings PLC has interests in pharmaceuticals, travel & tourism, tea & rubber cultivation and managing portfolio investments. VSNL Lanka has been offering international voice and data services in Sri Lanka through an External Gateway Operator’s licence since February 2004.

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