Vsnl Likely To Sell Intelsat Pie To Ally

Tata firm holds 5.42% in the satellite major

The Tata-owned Videsh Sanchar Nigam Ltd (VSNL) is looking at offloading its 5.42 per cent stake in Intelsat to strategic investors following a delay in the initial public offer (IPO) of the Washington-based global satellite communications company. VSNL is the third-largest investor in the company.

Intelsat had proposed to offload its 20 per cent equity and get listed on the New York and London exchanges.

But the IPO was shelved following scandals in the US, involving companies such as WorldCom, and a downside in the telecom industry globally.

A senior VSNL executive said,