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News >> Technology >>
VSNL gets U.S. nod for Tyco buy
By agencies
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Wednesday, 04 May 2005, 19:30 IST
MUMBAI: Videsh Sanchar Nigam Ltd today said that it has received all the major regulatory approvals necessary for the transfer of the Tyco Global Network landing station licenses from Tyco to VSNL, including that from the Federal Communications Commission of the U.S.
The FCC approved VSNL's application on April 29 this year, said a news release from VSNL. VSNL's agreement to buy the 60,000 km Tyco submarine cable system for $130 million (not including the assumption of certain liabilities) was announced in November last.
The FCC approval culminates a nearly six-month process that included a formal review by the Committee on Foreign Investment, the Department of Homeland Security, the Departments of Defense and Justice, the Federal Bureau of Investigation and other agencies, said the release.