Videsh Sanchar Nigam Ltd (VSNL) has requested financial institutions to put their money into ICO Global's satellite telephony venture even as its own board, at an emergency meeting in New Delhi on Monday, could not take a final view on investing in the rights issue of ICO Global.
India's long-distance operator is the second largest investor in the satphone venture, which is a consortium of 60 telecom players, with seven per cent stake.
VSNL has so far invested $50 million in ICO Global's equity and will have to invest another $40 million to retain its 7 per cent stake.
It is learnt that the terms of the rights issue are not clear prompting the board to defer its investment decision once again. It has already done so a couple of times in the recent past.
The ICO board was slated to meet in Paris late yesterday and the VSNL acting chairman-cum-managing director, Amitabh Kumar, is representing VSNL there.
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