EXHIBIT 99.3
[Graphic omitted] [Videsh Sanchar Nigam Limited Letterhead]
PRESS RELEASE NO. 11/2002
NEWS RELEASE...
VIDESH SANCHAR NIGAM LIMITED CUTS INTERNATIONAL LONG DISTANCE TARIFFS BY
UP TO 40%
* Call tariff rates to US down by over 40%
* Call tariff rates to Europe, Gulf countries down by 25%
* Call tariff rates to SAARC countries down by 5%
MUMBAI, JULY 19, 2002. VIDESH SANCHAR NIGAM LIMITED, India's premier provider of
International Telecommunications Services and leading Internet Service Provider,
announced cuts of upto 40% in its ILD tariffs. These cuts have been made in
order to provide the country with cost effective quality international
connectivity and enhance its value proposition to its customers in the
competitive International Long Distance (ILD) market. VSNL's tariff rates for
outgoing traffic to countries in the United States have been sizably reduced by
over 40% while those for countries in Europe, Africa and the Gulf have been
reduced by around 25%. The tariff rates for SAARC countries have been reduced by
5%. The new rates will pave the way for increase in usage of ILD services in the
country.
NEW RATE FOR ISD CALLS (FOR 1 MINUTE*):
COUNTRIES TIME SLAB OLD NEW TIME SLAB OLD NEW
(FULL) FULL FULL (CONCESSIONAL) CONC. CONC.
IST RATE RATE IST RATE RATE
(RS.) (RS.) (RS.) (RS.)
--------- ----- ----- -------------- ----- -----
SAARC / Neighboring 0800 - 1900 22.80 21.18 0000 - 0800 & 19.00 18.00
countries 1900 - 2400
Countries in Africa, 0800 - 1900 32.40 24.00 0000 - 0800 & 27.70 21.18
Asia, Gulf & Oceania 1900 - 2400
Countries in Europe 1100 - 2200 32.40 24.00 0000-1100 & 27.70 21.18
2200 - 2400
Countries in American 0600 - 1100 40.80 24.00 0000 - 0600 & 36.00 21.18
continent & other & 1800 - 2400 1100 - 1800
places in western
hemisphere
* Concessional Rates applicable round the clock on Sundays and National
Holidays (26th Jan, 15th Aug and 2nd Oct) Charge will be rounded to nearest
pulse. Worked above at rate of Rs 1.20 per pulse
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These tariffs will be available through all the major access providers - both
basic and cellular - including BSNL and MTNL.
VSNL with its vast infrastructure of 12 international gateways spread across the
country, more than 30 earth stations and investments in 6 different global
submarine cable systems, is in a unique position to carry customer calls with
quality and reliability to more than 230 countries around the world through its
80 plus relationships with international carriers. With these price cuts, VSNL
expects to be able to compete effectively in the newly opened up International
Long Distance (ILD) services market.
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For further details contact:
Dr. G. C. Banik, Chief General Manager (PR), Ms. Mohita Singh
Videsh Sanchar Nigam Limited, Vaishnavi Corporate Communications
Tel: 91-22-2624007 Tel: 91-22-2824336-8
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