Videsh Sanchar Nigam (VSL)

Defined contribution Plans

In addition to these pension plans, there are defined contribution plans qualifying under the provisions of Section 401(k) of the Internal Revenue Code for U.S. employees, a Registered Retirement Savings Plan (“RRSP”) for Canadian employees, enabling qualified employees to contribute on a tax-deferred basis and a Group Stakeholder Pension Plan (“GSPP”) for UK employees, enabling qualified employees to contribute on a tax-deferred basis. Employer contributions to the 401(k) plan, RRSP and GSPP in aggregate were approximately Rs 78 million, Rs 81 million and Rs.115 million (US $ 2 million) for the year ended March 31, 2007, 2008 and 2009 respectively.

Defined contribution Plans

In addition to these pension plans, there are defined contribution plans qualifying under the provisions of Section 401(k) of the Internal Revenue Code for U.S. employees, a Registered Retirement Savings plan (“RRSP”) for Canadian employees, enabling qualified employees to contribute on a tax-deferred basis and a Group Stakeholder Pension Plan (“GSPP”) for UK employees, enabling qualified employees to contribute on a tax-deferred basis. Employer contributions to the 401(k) plan, RRSP and GSPP were approximately Rs. 13 million, Rs. 78 million and Rs.81 million for the year ended March 31, 2006, 2007 and 2008 respectively.

Contributions are made in accordance with the laws and customs of the various countries in which it operates.

Defined contribution plans

Provident Fund

In accordance with Indian law, eligible employees of the Company are entitled to receive benefits under the provident fund, a defined contribution plan in which both the employee and employer make monthly contributions to the plan equal to 12% of the employee’s salary (basic and dearness allowance). These contributions are made to a fund set up as an irrevocable trust and are expensed as incurred. The Company is generally liable for future provident fund benefits to the extent of its annual contribution and any shortfall in fund assets based on government specified minimum rates of return, and recognizes such contributions and shortfall, if any, as an expense in the year incurred.

The Company contributed Rs.70 million, Rs.68 million and Rs. 66 million to provident fund in fiscals 2003, 2004 and 2005, respectively.

F-24

Table of Contents

Superannuation

Eligible employees of the Company are entitled to receive benefits under the Superannuation, a defined contribution plan in which the employer makes monthly contributions equal to 15% of the employee’s basic salary.

The plan was effective in fiscal 2004 and the Company contributed Rs.8 million and Rs.17 million in fiscals 2004 and 2005, respectively