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Tuesday, Jul 23, 2002

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WorldCom has paid over Rs 300 cr: VSNL

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MUMBAI, July 22

VIDESH Sanchar Nigam Ltd (VSNL) today said it has so far received over Rs 300 crore from WorldCom, the US telecom carrier which has filed for bankruptcy.

In a statement here today, VSNL said it was closely monitoring the situation and was in touch with the company.

"VSNL will take all steps necessary in order to recover its dues, including seeking to be on WorldCom's creditors committee and identification of VSNL as a critical vendor with the consent of WorldCom in order to ensure that it receives the money due to it," the statement said. "VSNL has already received a substantial sum of over Rs 300 crore from WorldCom in the last few weeks," it stated.

However, the company did not state the total amount due from WorldCom. Some reports said the dues amounted to over Rs 500 crore.

The VSNL share fell by over 4 per cent to Rs 141.65 on the BSE.

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