VSNL joins USD 2 billion club

Mumbai, May 26 (UNI) International communications solutions company, Videsh Sanchar Nigam Ltd (VSNL), today became a member of the USD 2 billion club, clocking approximately Rs 8,857 crore in consolidated revenues for the year ended March 31, according to audited financial results under Indian GAAP.

The company's revenues were up by 85 per cent for the FY 07 over the previous year and its EBITDA increased by 49 per cent to Rs 1299 crore from Rs 871 crore. VSNL has also announced dividend payout of 45 per cent on its shares, the company said in a statement.

"VSNL has transformed its business model from an India-centric, single business company to a truly global communications solutions company. Our acquisitions have not only given us world-class assets and ongoing revenues but also helped to create a strong platform for VSNL to become competitive in the global carrier and enterprise solutions market, VSNL Managing Director N Srinath said.

VSNL is leading the Tata Group's telecom foray into the carrier and enterprise solutions and consumer broadband segments. The company is also one of the world's largest international voice carriers with about 20 billion minutes of annual traffic.

UNI