Mumbai, Dec. 26: VSNL has sold a 10 per cent stake in VSNL Lanka Ltd, its wholly owned subsidiary in Sri Lanka.
The Tata group company has sold the stake to Sunshine Holdings, a Sri Lankan conglomerate, for about Rs 2.72 crore.
Sunshine Holdings has interests in pharmaceuticals, travel & tourism, tea and rubber cultivation. It also manages portfolio investments.
The Sri Lankan firm has bought 5.17 lakh shares, which accounts for 10 per cent of the paid-up capital of VSNL Lanka. It has an option to acquire an additional 5 per cent of VSNL Lankas share capital in the next 12 months at fair market value.
The partnership with Sunshine Holdings will enable VSNL Lanka to capitalise on the partner's knowledge of the Sri Lankan market. This is also our attempt to unlock value for our shareholders in an appropriate manner, said Rajiv Dhar, CFO of VSNL.
We have been working closely with VSNL in Lanka and this investment reiterates our commitment to this partnership. We firmly believe that VSNL Lanka will be able to achieve a strong position in the Sri Lanka telecom market, said Vish Govindasamy, managing director of Sunshine Holdings.
VSNL Lanka has been offering international voice and data services in Sri Lanka through an external gateway operator's licence since February 2004. VSNL is a communications solutions company offering next-generation voice, data and value-added services. It is one of the worlds leading providers of wholesale international voice services and operates one of the largest global submarine cable networks.