According to a release issued by VSNL to the Bombay Stock Exchange on Monday, Tata Power Broadband is engaged in the business of providing services under its IP-I, IP-II and the ISP licences, and has fibre optic networks in Mumbai and Pune.
"The agreement for sale is subject to the parties arriving at a binding share purchase agreement thus making Tata Power Broadband a wholly-owned subsidiary of the company," the release added.