One billion dollars to be pumped in by VSNL, local companies in SA
New Delhi, Apr 19 (UNI) International long distance telecom operator, Videsh Sanchar Nigam Ltd (VSNL), alongwith other local companies, will invest 1 billion dollars in SNO Telecommunications a South African based company over the next four years.
''We got the license for South Africa in December, which gives us the permission for all services except mobility. But the networking will be done by the local companies,'' VSNL Executive Director N Srinath told reporters here today.
VSNL had acquried 26 per cent stake in SNO Telecommunications in February this year.
They also own one of the largest submarine cable bandwidths globally, with almost 55 per cent of its business coming from carrying Voice broadband across the world.
VSNL had also acquired Teleglobe, which has a footprint in more than 240 countries, at a distress sale of 239 million dollars (Rs 1075 crore).
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