VSNL offloads 10-pc stake in Lankan arm

The Tata Group promoted VSNL, which was recently renamed Tata Communications, has offloaded a 10% equity stake in its Sri Lankan subsidiary, VSNL Lanka to Sri Lanka-based Sunshine Holding for around 75 million Sri Lankan Rupees. Sunshine Holdings also has interests in pharmaceuticals, travel & tourism, tea & rubber cultivation and managing portfolio investments, apart from telecom sector in Sri Lanka.

Prior to the stake sale, VSNL Lanka was a wholly-owned subsidiary of the Mumbai-based telecom major, offering international voice and data services in the country through an External Gateway Operator''s licence which the company obtained in February 2004. Following the purchase, Sunshine Holdings now has the option to acquire an additional 5% of VSNL Lanka''s share capital in the next 12 months at fair market value.