Exhibit No.5



 ADVANCEMENT OF SCHEDULE OF EQUITY SUBSCRIPTION IN TATA TELESERVICES LIMITED BY
                          VIDESH SANCHAR NIGAM LIMITED


VSNL approved investment up to 19.99% in TTSL based on the recommendations of
the Committee formed for the purpose in 2002. It was decided that VSNL's equity
contribution over a seven-year period would be Rs.8,358 million. An amount of
Rs.6,368 million was decided to be disbursed over the first four years with the
remaining amounts to be disbursed to be decided mutually between TTSL and VSNL.
The amount was split up based on the business plan of TTSL such that the
subscriptions of VSNL at any stage do not exceed 19.9% of the subscribed equity
capital of TTSL.

Due to the changes in various policies of the Government, particularly the
introduction of unified access licence, it was considered necessary from the
perspective of business and competitive scenario that TTSL opted for the unified
licence in all its existing circles. As a result of the drastic changes in the
telecom-licensing regime, the business plan and capitalization schedule of TTSL
has been revised. Accordingly, the balance equity subscription which was earlier
planned to be called up by 2007-2008, it is expected to be called up through
progressive capital calls by 30 June 2004.

Till December 2003, VSNL had invested Rs.4,654 million in TTSL. Therefore, it is
expected that the Company would be investing the balance amount of Rs.3,704
million, by June 30, 2004.


FORWARD-LOOKING AND CAUTIONARY STATEMENTS
Certain words and statements in this release concerning VSNL and its prospects,
and other statements relating to VSNL's expected financial position, business
strategy, the future development of VSNL's operations and the general economy in
India, are forward-looking statements. Such statements involve known and unknown
risks, uncertainties and other factors, which may cause actual results,
performance or achievements of VSNL, or industry results, to differ materially
from those expressed or implied by such forward-looking statements. Such
forward-looking statements are based on numerous assumptions regarding VSNL's
present and future business strategies and the environment in which VSNL will
operate in the future. The important factors that could cause actual results,
performance or achievements to differ materially from such forward-looking
statements include, among others, changes in government policies or regulations
of India and, in particular, changes relating to the administration of VSNL's
industry, and changes in general economic, business and credit conditions in
India. Additional factors that could cause actual results, performance or
achievements to differ materially from such forward-looking statements, many of
which are not in VSNL's control, include, but are not limited to, those risk
factors discussed in VSNL's various filings with the United States Securities
and Exchange Commission. These filings are available at www.sec.gov. These
forward-looking statements speak only as of the date of this release. VSNL
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement contained herein to
reflect any change in VSNL's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based.