Videsh Sanchar Nigam has sold 1,517,936 shares representing 10% of the paid up capital in its wholly-owned subsidiary VSNL Lanka. The shares have been acquired by Sunshine Holdings PLC, a Sri Lankan conglomerate for about Sri Lankan Rs 75 million.

Sunshine Holdings PLC has interests in pharmaceuticals, travel & tourism, tea & rubber cultivation and managing portfolio investments. Sunshine Holdings PLC has actively supported VSNL Lanka in its growth plans over the last few years.

VSNL Lanka has been offering international voice and data services in Sri Lanka through an external gateway operator’s licence since February 2004. VSNL Lanka would continue to play a leading role in the fast growing Sri Lankan market for international voice and data services.