VSNL Dues At Rs 1,490 crore

Mumbai: | Updated: Jul 31 2002, 05:30am hrs
US-based telecom giant WorldCom owed Videsh Sanchar Nigam Ltd Rs 561 crore while dues to be recovered as on March 31, 2002 from major customers amounted to Rs 929.8 crore, a total of Rs 1,490.8 crore.

As per its annual report of 2001-02, other than MCI WorldCom, VSNL’s dues are from Concern AT&T-Rs 166.8 crore, governments of United Arab Emirates-Rs 236.6 crore, Saudi Arabia-Rs 165.9 crore and other entities Rs 165.9 crore.

However, VSNL last week received over Rs 300 crore frombankrupt Worldcom.

The company said it was seeking to be on WorldCom’s Creditors’ Committee and considered identification of the Tata group company as a critical vendor with the consent of the US entity.

The annual report said VSNL had lined up an ambitious investment of Rs 1,000 crore in the current fiscal in setting up additional infrastructure in the country.

The decision to spread VSNL’s infrastructure prowess is part of its business restructuring by Tata Group, the company’s largest stakeholder with 45 per cent. The Union government holds 26.12 per cent stake.

Meanwhile, the Tata Group has further extended its decision banning retrenchment of erstwhile state-owned Videsh Sanchar Nigam Ltd’s (VSNL) employees for a period of two more years effective February 13, 2002, the report said.