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Govt to extend bid-period for VSNL privatisation

The government has decided to extend the bid period for privatisation of Videsh Sanchar Nigam Ltd by about two weeks to April 25 on the recommendations of the global consultants appointed for the purpose.

With a view to attain greater participation, the consultants -- SBI Caps and Credit Suisse First Boston -- asked the government for permission to send 'teasers' or a much elaborate proposition to potential global bidders.

Government is believed to have given a go ahead to the consultants to send the teasers to all those companies, both domestic and international, who could possibly be interested in buying 26 per cent stake in VSNL to become a strategic partner along with management control.

Expression of interest for VSNL were issued by the government last month with stipulation that the bid be submitted by April 10.

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