Reply #12: Foreign Investments: US agency approves VSNL's acquisition of Tyco assets [View All]

[UpInArms]

http://www.deccanherald.com/deccanherald/apr132005/update955152005413.asp

The approval by the Committee on Foreign Investment in the United States (CFIUS) will give VSNL control over 60,000 km of undersea communications cable spanning three continents.


Tatas-controlled Videsh Sanchar Nigam Ltd today got clearance from a US government agency for acquisition of undersea cable assets of Tyco Global Network (TGN) for 130 million dollars.

The approval by the Committee on Foreign Investment in the United States (CFIUS) will give VSNL control over 60,000 km of undersea communications cable spanning three continents.

"CFIUS, the regulatory body tasked with investigating potential national security concerns, issued a formal notice to VSNL that its review of the situation uncovered no significant issues of national security with regard to this transaction," a VSNL spokesperson said.

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Earlier, AP reported that the US Justice Department, FBI, Homeland Security Department and Defence Department signed a 32-page agreement with the company to guarantee the US government can continue to install court-authorized wiretaps on the network and conduct background checks on VSNL employees in the United States.

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