Tata not to bid for Govt stake in VSNL

MUMBAI: Tata Group on Monday decided not to bid for government's 26 per cent residual stake in VSNL, a source close to the development said.

The company has decided not to exercise its call option (the right of first refusal) because it feels there is no major advantage in exercising this option at this juncture, the source said.

VSNL, an erstwhile public sector company, was privatised in 2002 with Tata picking controlling stake and the government with a minority 26 per cent.

Company officials could not be reached for comments.