Indian ISP and international telephony carrier VSNL (Videsh Sanchar Nigam Limited) has announced that its chairman, Ratan Tata, has stepped down to be replaced by Subodh Bhargava, a director on the VSNL board. Ratan Tata is also chairman of India’s second largest conglomerate the Tata group; he is leaving VSNL to concentrate on the group’s wider expansion. In February 2002 the Indian government sold a 25% stake in VSNL to Pantone Finvest, a holding company founded by the Tata Group. Four months later Pantone acquired an additional 20% stake via open tender to become the largest shareholder. Tata revealed this week that it will invest over USD7.5 billion in its telecoms units in the next twelve to 16 months.