Teleglobe Proposed Acquisition by VSNL Clears U.S. Antitrust Review

Teleglobe International Holdings Ltd (NASDAQ:TLGB), a
leading provider of international telecommunications services to
Internet service providers, fixed and mobile network operators,
announced today that it has been granted early termination of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended, in connection with Teleglobe's acquisition by
Videsh Sanchar Nigam Limited, VSNL (NYSE: VSL), India's leading
provider of long distance communications and Internet services. The
transaction, which is expected to occur in the first quarter of 2006,
remains subject to pending regulatory approvals and notices and other
customary closing conditions.

   Forward-looking Statements

   Teleglobe has included in this press release forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including all statements concerning future or
expected events or results.
   Actual results could differ materially from those projected in the
companies' forward-looking statements due to numerous known and
unknown risks and uncertainties, including, among other things, the
risks and uncertainties described in Teleglobe's filings with the
Securities and Exchange Commission.

   About VSNL:

   Videsh Sanchar Nigam Limited (VSNL) is a leading provider of
international telecommunications services. VSNL is India's largest
player in international long distance services and has a strong
pan-India domestic long distance presence. VSNL is also a leading
player in the corporate data market in India today with a strong
service offering covering IPLCs, ILLs, Frame relay, ATM and MPLS based
IP-VPN services. VSNL has a strong infrastructure base that covers
multiple submarine cable systems, switching gateways, IP PoPs and
earth stations.
   With its recent acquisition of Tyco's global submarine network,
VSNL provides seamless connectivity across the globe to carriers and
enterprises. VSNL has 30 points of presence in 12 countries in North
America, Europe and Asia. VSNL also has business operations in Sri
Lanka and Nepal and is soon entering South Africa.
   In India, VSNL is rapidly growing its retail presence under the
Tata Indicom brand through its products like high-speed broadband,
dial-up Internet, net telephony and calling cards, and has an active
Internet / Broadband subscriber base. VSNL is consolidating its
presence in the Internet space with an increased focus on the retail
broadband business.
   VSNL is listed on the major stock exchanges in India and also has
its ADRs listed on the New York Stock Exchange. (www.vsnl.in)

   About Teleglobe:

   Teleglobe (NASDAQ: TLGB) is a leading provider of international
voice, data, Internet and mobile roaming services with over 50 years
of industry expertise in international telecommunications.
   Teleglobe owns and operates one of the world's most extensive
telecommunications networks, reaching over 240 countries and
territories with advanced voice, mobile, and data services. Teleglobe
is the carrier of choice to more than 1,400 wholesale customers
representing the world's leading telecommunications, mobile operators
and Internet service providers.
   With an annual run-rate of over 13 billion minutes, and a
significant portion of the world's Internet traffic, Teleglobe's
network is consistently ranked among the most robust and reliable,
performing at the high end of industry standards. Detailed information
about Teleglobe is available on the company's web site at
www.Teleglobe.com.