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Thursday, Nov 23, 2006

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VSNL to trim subsidiaries

Our Bureau

Mumbai, Nov. 22

Videsh Sanchar Nigam Ltd plans to prune the number of its subsidiaries by almost half. The company intends to bring down the number from 50 to less than 30, in a major restructuring exercise, said a spokesperson for the company.

The mode of restructuring will be according to the company's tax and legal advisors suggestions, he said. The restructuring will be achieved in four to nine months' time. Almost all of VSNL's subsidiaries are located overseas, and were set up in keeping with the tax regulations of individual countries.

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