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VSNL plans $250Mn telecom cable to Europe
By siliconindia
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Thursday, 20 December 2007, 23:54 IST
Mumbai: Indian telecom firm Videsh Sanchar Nigam (VSNL) said on Wednesday that it would build a telecommunications cable connecting India with Europe for $250 million. The company will build the project in partnership with private equity firms SEACOM and Telecom Egypt.
The announcement lifted the company's shares 7.8 percent to Rs 657.10 in stock market.
VSNL, controlled by the Tata group, was formerly a state-run oversea telecommunication company.
The cable will directly link Mumbai to Paris, London and Madrid via Egypt and will give VSNL 1.28 terabit of new capacity during 2009, reported a company statement.
The Eurasia Cable System would also have future options for additional connectivity in the Gulf region and multiple locations in Europe. VSNL is in the process of changing its name to Tata Communications.
Earlier the company had announced a project in which it will spend $200 million, on an intra-Asia submarine cable to be built by Tyco Telecommunications that would link Singapore, Hong Kong and Japan with an additional connection to the Philippines and, potentially, Vietnam.