Mumbai, June 9: Videsh Sanchar Nigam Ltd today said it has received approvals from the Sri Lankan authorities to set up a base in the island republic.
VSNL, in a statement to the stock exchanges, said it has received “in-principle approval from the Board of Investment as also the Telecom Regulatory Authority of Sri Lanka for formation of a public limited company in that country proposed to be styled as VSNL Lanka Ltd”.
“This company will apply for and implement a license for undertaking international telecom activities in the opening market of Sri Lanka,” it added.
Meanwhile, VSNL has relieved 388 staff through voluntary retirement scheme till May 31. The scheme would close on July 14, 2003.