Tata Communications Ltd, formerly Videsh Sanchar Nigam Ltd (VSNL), today said it is evaluating a possible cash offer for London-listed telecom giant Cable & Wireless Worldwide Plc (CWW).
On 13 February British telecom giant Vodafone had also confirmed an interest in the languishing British enterprise telecom services provider, saying it was in very early stages of evaluating the merits of a potential offer for C&WW.
It too said in a statement that any bid for the company would be in cash.
CWW may be valued more than $1.2 billion for its voice, data and interner protocol services that are offered to enterprise customers (large clients) across four continents.
The deal, if it goes through, would provide Tata Communications with a larger footprint in voice and data carrier businesses as well as in the undersea cable network, the newspaper reported, quoting unnamed sources.
Troubled C&WW's market value has declined over 70 per cent in the past 24 months, broadly reflecting the woes of the global telecom sector, but making it possibly the least expensive target in the industry.