Tata unit expands its global network
The undersea cable network newly acquired by Indian long-distance company VSNL helps fulfill parent company Tata Group's IT ambitions.
Tata unit Videsh Sanchar Nigam Ltd., better known as VSNL, on Friday announced it has completed its takeover of Tyco Global Network. The network stretches approximately 37,000 miles to connect North America, Europe and Asia, according to VSNL, a leading provider of telecommunications and Internet services in India.
The deal is worth about $130 million and has been approved by regulators in the U.S. and other countries, Mumbai-based VSNL said.
The Tata Group also owns India's largest software and services company, Tata Consultancy Services, which this week said it would set up a joint venture in China--with Microsoft as a minority shareholder--to provide services to global companies and the local Chinese market.
"The combination of the TGN assets and the deep network penetration of VSNL throughout India will allow VSNL to design customized and scalable connectivity solutions between all the key global business centers, through a single point of contact," Vinod Kumar, president of VSNL International, said in a statement.
Reuters contributed to this report.