VSNL Receives Approval For Tyco Takeover

    April 13, 2005

Videsh Sanchar Nigam Ltd (VSNL) has received approval from a U.S. panel to take over Tyco Global Network.

The deal was approved by the Committee on Foreign Investment in the US (CFIUS) though some claimed it would threaten national security.

“Under the acquisition agreement, VSNL had to take approval from the Justice Department, Federal Bureau of Investigation, Homeland Security Department, Defence Department and CFIUS,” said a VSNL official in Mumbai.

A HindustanTimes article says:

“The CFIUS told VSNL in a letter that its review of the acquisition agreement uncovered no significant issues of national security.

According to VSNL, the Federal Communications Commission (FCC), the US market regulator, is also likely to put its seal of approval on the acquisition deal by month-end.”

VSNL is required to take steps toward the prevention of illegal eavesdropping on US customers.

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