MUMBAI: The Tata Group promoted VSNL, which was recently renamed Tata Communications, has sold a 10% equity stake in its Sri Lankan subsidiary, VSNL Lanka. The buyer is Sri Lanka-based Sunshine Holding, which paid nearly 75 million Sri Lankan Rupees for the stake.
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. Commenting on the deal, VSNL CFO Rajiv Dhar said: “This partnership with Sunshine Holdings will enable VSNL Lanka to capitalize on our partner’s intimate knowledge and experience in the Sri Lankan market. This is also part of our attempt to unlock value for our shareholders in an appropriate manner.”
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, the company said in a statement on Wednesday.
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. Commenting on the deal, VSNL CFO Rajiv Dhar said: “This partnership with Sunshine Holdings will enable VSNL Lanka to capitalize on our partner’s intimate knowledge and experience in the Sri Lankan market. This is also part of our attempt to unlock value for our shareholders in an appropriate manner.”
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, the company said in a statement on Wednesday.
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