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Sunshine Holdings has the option to acquire
an additional 5 per cent of VSNL Lanka's share
capital in the next 12 months at fair market
value.
"This
partnership with Sunshine Holdings will
enable VSNL Lanka to capitalise on our partner's
intimate knowledge of and experience in
the Sri Lankan market," said VSNL CFO
Rajiv Dhar.
"We
have been working closely with VSNL in Lanka,
and this investment reiterates our commitment
to this partnership. We believe that VSNL
Lanka will be able to achieve a strong position
in the Sri Lankan telecom market,"
said Govindasamy.
VSNL
Lanka has been offering international voice
and data services in Sri Lanka through an
external gateway operator's licence since
February 2004. The company will continue
to play a leading role in the fast-growing
Sri Lankan market for international voice
and data services. VSNL Lanka had recorded
cash profits in the first six months of
its operations and net profits in the first
year itself.
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