"Companies, joint ventures or consortia interested in participating in the proposed disinvestment should have a combined networth of Rs 2,500 crore. The net worth of only those promoters shall be counted who have at least 10 per cent equity stake in total equity of the company," the bid document stated. The bid document inviting Expression of Interest said that the strategic partner selected to acquire shares of VSNL from the government may be required to make a public offer to further shares of VSNL in accordance with the Securities and Exchange Board of India (SEBI) regulations.

"In chosing between the prospective strategic partners, government will pay due attention to the country's security requirements," the document said.The interested parties shall be required to submit the bids by April 10, 2001. The government currently holds 52.9 per cent of equity capital of VSNL. The interested parties are required to submit theexpression of interest package comprising an EoI document, statement of legal capacity and a request qualification.