News: Tatas let call option on VSNL lapse

(DNA 13/02/2007) Mumbai - The Tata group has decided not to exercise the call option to acquire the government's 26% stake in Videsh Sanchar Nigam Ltd (VSNL), the company they acquired five years ago.

The call option expired on Monday. Sources close to the development said that the Tata group has a combined effective shareholding of over 50% in VSNL.

"It will continue to acquire additional stakes through market acquisitions. Under the circumstances, it was not considered to be a significant advantage in exercising the call option," the source added.