In a significant decision, the Board of VSNL today has approved a proposal to change the name of the company to Tata Communications Limited. The new name and identity will help the company leverage the brand equity associated with the Tata Group and the global recognition that the group has received in recent years.
VSNL, Managing Director and CEO, N Srinath stated, “The change in the company’s name is a major step in our commitment to customers, partners and stakeholders. Tata Communications reiterates a focus on the global communications business where we are a major player; at the same time, it reflects our strong heritage and leadership position in
VSNL is a public-private partnership that has enabled the transformation of the company into a global telecom provider. Five years after the Tata Group assumed management control of VSNL, the company has re-invented itself through entry into new businesses, geographies and customer segments on the back of over $1 billion investments. The company has also undergone a re-engineering of its customer facing processes to focus on flexibility and responsiveness.
VSNL’s growth in the last five years has been aided by several acquisitions, both in
The change in name is subject to obtaining required statutory approvals including that of the company’s shareholders. The brand change will be unveiled globally through an integrated brand campaign.
VSNL also announced its financial results for the second quarter of 2007-08. The company reported a total stand-alone income of Rs 2,025 crore for the half year ended 30 September, 2007 against Rs 1,956 crore for the half year ended 30 September, 2006. Net profits on a standalone basis for the half-year ended 30 September, 2007 were Rs 166 crore against Rs 195 crore for the half year ended 30 September, 2006.