Government has rejected offers of ModiCorp and BPL to buy government's 25 per cent stake and become strategic partner in Videsh Sanchar Nigam Ltd (VSNL) due to their late approach.
"Disinvestment Department has rejected the offers of ModiCorp and BPL for VSNL and this has been communicated to them," official sources said in New Delhi. Both BPL and Modicorp had approached Disinvestment Ministry in the last two weeks after the government had announced that price bids would be opened by early February. Sources said that the decision to reject the application was as per the provisions in Expression of Interest (EoI) of VSNL that new players could not be accomodated at the advance stage of disinvestment. Bureau Report