Government of India Issues Letter of Intent to Verizon Business India for Licenses to Provide International and National Long-Distance Services

BASKING RIDGE, N.J. and MUMBAI, India -- Verizon Business announced today that India's Department of Telecommunications has issued Verizon Business India a letter of intent for the award of licenses for international and national long-distance services. Receipt of the licenses will further enhance Verizon Business' ability to provide advanced telecommunications services to multinational companies with operations in India, as well as to India-based multinationals.

Verizon Business already holds an Internet service provider license in India and has various local IP hubs. The company currently provides services to its multinational customers' Indian operations through partnerships with several licensed carriers in India.  Upon receipt of the licenses, companies operating in India will benefit from direct access to Verizon Business' advanced IP communications portfolio through Verizon Business India, which will complement Verizon Business' continuing relationships with its existing Indian partners.

Verizon Business India plans to offer a full range of services to multinational customers, including international private-leased circuits with multi protocol label switching (MPLS), and Internet protocol services.  IP and data network capabilities are planned for launch in Mumbai, Bangalore, Delhi, Chennai and Hyderabad in 2008. 

John Killian, president, Verizon Business, said: "This is an important milestone in the provision of services to our customers with operations in India. India is a strategic market for many of our multinational customers, and our application for these licenses is part of our continued investment in global infrastructure to provide the highest levels of services and capabilities to our customers around the world. We look forward to building on our existing presence in India to provide advanced communications services and high-quality support direct to customer operations based there."

Venugopal Dhoot, chairman, Videocon Group, said: "This is a positive step forward for Verizon Business India and for companies with operations in the Indian market. India is a fast-growing and increasingly globalized economy, and we look forward to helping multinational companies operating in region achieve their global business objectives."

Verizon Business India is the trading name of a joint venture between Verizon Business and Leo Communications, part of the Videocon group of Mumbai.  Verizon Business holds a 74 percent stake in the joint venture, called Verizon Communications India Private Limited and doing business as Verizon Business India; Leo Communications holds the remaining 26 percent.

About Verizon Business
Verizon Business, a unit of Verizon Communications (NYSE: VZ), is a leading provider of advanced communications and information technology (IT) solutions to large business and government customers worldwide.  Combining unsurpassed global network reach with advanced communications, security and other professional service capabilities, Verizon Business delivers innovative and seamless business solutions to customers around the world.  For more information, visit www.verizonbusiness.com.

About Leo Communications and the Videocon Group
Leo Communications is part of the US$3 billion Videocon Group, one of India's leading business houses. Videocon Group is a fully integrated CE & HA enterprise with backward integration in CRT Glass, Color Picture Tubes and other key components for the consumer electronics, home appliances and components industries. The company also operates in the Oil & Gas sector through its Ravva Oil Field which produces 50,000 barrels of Oil per day. The Videocon Group has the widest sales & service network in India, supporting seventeen locally-based factories. In addition, the Group operates facilities in Italy, Poland, Australia, Oman, China and Mexico. For more information on Videocon, visit www.videoconindustries.com