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Tata group bid Rs 202 per VSNL share

The Tata group, which won a controlling 25 per cent in state-run VSNL, bid Rs 202 per share for the telecoms giant, a source close to the bidding told Reuters on Tuesday.

Videsh Sanchar Nigam Ltd is India's monopoly overseas telecoms carrier and one of the country's biggest Internet access providers and is listed on the New York Stock Exchange.

Earlier on Tuesday, Heavy Industries Minister Manohar Joshi told reporters that state-run Indian Oil Corp had bought a 33.6 per cent controlling stake in petrol station firm IBP. The government has not disclosed how much it expects to make from the sales.

The government hopes the sales -- the most ambitious so far in its decade-old privatisation programme -- will boost the slow pace of its sell-off programme.

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