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|April 24, 1998||
VSNL calls for consultants
Videsh Sanchar Nigam Ltd has called on the services of international consultants Ernst & Young for advice on picking a partner for its proposed joint venture to sell ICO Global Communications' services in the country.
The consultants' help has been sought on the way the joint venture should be structured, its management structure, equity capital and the way the information memorandum, to be handed to possible collaborators, should be drawn up.
VSNL, one of the largest shareholders in ICO Global Communications, is considering setting up a joint venture to undertake marketing and distribution of ICO services -- satellite-based Global Mobile Personal Communications services -- in India, for which it recently invited proposals from domestic as well as multinational telecom companies.
Now VSNL holds exclusive rights to market ICO Global Communications services in India with non-exclusive rights to market the services in Sri Lanka, Nepal, Myanmar, Bangladesh, Mauritius and the Maldives. VSNL has also signed an agreement to operate and maintain the ICO Global Communications international gateway in India.
Ernst and Young are expected to help VSNL shortlist the bids, evaluating the strong points of each bidding company and the possible value-addition they can provide. VSNL will most likely hold the majority stake in such a joint venture and ICO Global Communications, a minority stake.
ICO Global Communications is a joint venture between various international telecom companies.
-Compiled from the Indian media
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