Tata Communications (TCL) direct subsidiary VSNL SNOSPV has increased its effective holding in Neotel to 61.5%. Consequently, Neotel has become a subsidiary of TCL.
Earlier, Tata Communications had an effective holding of 49% in Neotel through its subsidiary VSNL SNOSPV.
Tata Communications registered a fall of 66.85% in its net profit for the year under review at Rs 160.16 crore as compared to Rs 483.18 crore for the last year. On consolidated basis, the group has reported a loss of Rs 854.19 crore as compared to a net loss of Rs 597.74 crore for the year ended March 31, 2010. Total income for the year has increased by 8.86% at 12133.08 crore as compared to Rs 11145.09 crore for the previous year.
