The Telegraph
Since 1st March, 1999
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Business Briefs

VSNL, AT&T in tie-up

Mumbai, July 8: Videsh Sanchar Nigam Ltd and AT&T have entered into an agreement to jointly offer multi-protocol label switching platform based networking services in India, including ATM, frame relay and secure internet protocol dial services. “We will cater to information technology-enabled services and business process outsourcing sectors, resulting in saving of bandwidth costs to clients,” said Sanjiv Bhagat, country general manager of AT&T Communication Services India Private Limited.

NFL selloff

New Delhi, July 8: The Cabinet Committee on Disinvestment (CCD) will meet on July 10 and is likely to discuss the disinvestment in National Fertilisers Limited (NFL), Hindustan Organic Chemicals and Shipping Corporation of India. Sources say that the next CCD meeting is expected to firm up transaction documents for the sale of government equity in NFL, prior to inviting financial bids for it.

Hughes move

New Delhi, July 8: Hughes Software Systems Ltd today said it will acquire 100 per cent stake in Bangalore-based Tenet Technologies in an all-cash deal worth Rs 18 crore. The deal is subject to regulatory approvals.

IDBI on prowl

Mumbai, July 8: Industrial Development Bank of India (IDBI) will acquire 10 per cent equity aggregating Rs 1 crore in Nepal Development Bank Ltd (NDBL), a private sector bank based in Kathmandu, IDBI informed the Bombay Stock Exchange.

Vanaspati tax

Calcutta, July 8: The Vanaspati Manufacturers’ Association, eastern zone, has urged Bengal finance minister Asim Dasgupta to impose at least 20 per cent sales tax on vanaspati imported from Nepal.

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