New Delhi: Tatas and Reliance on February 1 vied with each other for acquiring control of Videsh Sanchar Nigam Ltd (VSNL) as they submitted their price bids for 25 per cent of government stake in India's international communication carrier.

Sterling, the third shortlisted bidder, however, opted out on the last day of the closing of the bid complaining that it was not given more time to come up with its proposal.

The Disinvestment Ministry would now take the bids to the core group of secretaries on February 4 after completing evaluation and the Cabinet Committee on Disinvestment would decide on the strategic buyer on February 5.

PTI