VSNL acquires DIL

Mumbai, June 23 (UNI) Videsh Sanchar Nigam Ltd(VSNL) today completed the acquisition of Direct Internet Ltd (DIL) and its wholly owned subsidiary Primus Telecommunications India Ltd (PTIL) for an enterprise valuation of US$ 16.7 million, rupee equivalent of Rs 75 crore.

Announcing this to BSE, the company said it had earlier signed a Share Purchase Agreement (SPA) to acquire DIL and its wholly-owned subsidiary PTIL. Following which VSNL completed the acquisition process on June 23, 2006.

UNI SN PM SKB1758