Dear Shareholders,
 
 The directors are pleased to present the 25th annual report and audited
 accounts of Tata Communications Limited (TCL) for the financial year
 ended 31 March 2011.
 
 PERFORMANCE
 
 The key financial parameters of your Company during the year under
 review are given in table below:
 
                              2010-11    2010-11    2009-10    2009-10
                              (Rs. in 
                              Crores)    (USD in    (Rs. in
                                                     Crores)   (USD in
                                       Million)*             Million)*
 
 Consolidated income         12185.21    2735.79   11194.22    2513.30
 
 Consolidated EBIDTA          1225.27     275.09    1012.36     227.29
 
 Consolidated profit/(loss) 
 after exceptional items
 and before tax               (706.70)   (158.67)   (681.19)   (152.94)
 
 Consolidated Profit/(loss) 
 after tax                    (776.90)   (174.43)   (597.74)   (134.20)
 
 Standalone total income      3802.48     853.72    3383.46     759.65
 
 Standalone Profit before tax  154.04      34.58     309.33      69.45
 
 Standalone Profit after tax   162.56      36.50     483.18     108.48
 
 * All conversion from Indian rupees to US Dollars in the above table as
 also elsewhere in this report are based on the noon buying rate in New
 York City for cable transfers in foreign currencies as certified by the
 Federal Reserve Bank of New York for custom purposes which was Rs.
 44.54 per USD 1.00 on March 31, 2011.
 
 The consolidated net loss includes Rs. 551.02 Crores (USD 123.71
 million) from the Company''s holding in Neotel, South Africa, which is
 still in its gestation phase, requiring investments to establish the
 required capabilities. Neotel will continue to need support for some
 more time before it turns profitable. The consolidated net loss also
 includes increases in other non-cash costs viz. depreciation on account
 of significant capitalisation done over the past two years.  We remain
 confident that the Company''s strategy is sound and that the direction
 that the Company is taking will be beneficial to the Company and its
 stakeholders as we move forward.
 
 Dividend
 
 The directors are pleased to recommend a dividend of Rs.2 (USD 0.04)
 per share (Nil dividend previous year) for the financial year ended 31
 March 2011. The amount available for appropriation is Rs.2050.44 crores
 (USD 460.36 million), out of which the Company has proposed a dividend
 of Rs.57 crores (USD 12.80 million), (excluding dividend tax of Rs.9.25
 crores (USD 2.08 million)), and also proposes to transfer Rs.12.19
 crores (USD 2.74 million) to general reserves and further Rs.560.77
 crores (USD 125.90 million) to the debenture redemption reserve,
 leaving Rs.1411.24 crores (USD 316.85 million) to be carried forward.
 
 Macro Economic Situation
 
 During the year under review, the global economy recovered slightly
 from the crisis of the previous year.  However, the weaknesses in
 developed markets continued to impact business spending and expansion
 plans. Sectors like banking, financial services and manufacturing have
 been the hardest hit, and have consequently shown only marginal growth
 in demand.
 
 Businesses across the world are still battling to reduce costs, while
 looking to create new markets in the emerging economies / new
 geographies. The biggest impact of this on your Company''s business is
 in the form of severe price pressures and delayed commencement of new
 projects from some customers. However, your Company was able to grow
 its revenues due to its capabilities in India and other emerging
 markets, as well as a focus on value-added managed services.
 
 Segmentation
 
 Being largely a B2B (business-to-business) player, your Company serves
 two segments of customers: service providers and enterprise customers.
 
 In the service provider segment, your Company provides an integrated
 set of services including wholesale voice, domestic and international
 data connectivity, Internet backbone connectivity (also known as IP
 transit), value-added roaming services for mobile operators and
 carrier-specific business process outsourcing services.
 
 In the enterprise segment, your Company principally offers a
 comprehensive suite of connectivity, IT infrastructure and managed
 solutions for businesses seeking voice, data and video connectivity
 between their distributed offices, within India or globally. These
 services are aimed at improving the operational efficiencies of
 customers ranging from smaller enterprises to large global
 multinational corporations.  Your Company is also building
 specialization in some industry verticals by offering customized
 solutions relevant to that industry. For example, we offer managed ATM
 solutions for banks and digital workflow management solutions for media
 companies.
 
 INDUSTRY SITUATION AND DEVELOPMENTS
 
 Global Telecom Market
 
 The landscape of the global telecom industry continues to be shaped by
 the following major trends:
 
 - Continued growth of mobile penetration, especially in developing
 countries;
 
 - Surge in mobile data traffic, enabled by adoption of 3G technology
 and increased penetration of smarter end-user devices like smart
 phones, tablets etc.;
 
 - Video becoming a growing part of both consumer and business traffic;
 
 - Businesses looking for managed services and turn-key solutions that
 help improve their operational efficiency; and
 
 - Growth in traffic, within and to emerging markets / new geographies.
 
 The Wholesale Voice market continues to be a business of scale, with
 constant pressure on prices and margins. The share of mobile
 communications continues to grow in relation to fixed voice, and there
 is an increasing use of Voice over Internet Protocol (VoIP). Alternate
 services such as portal-based offerings on the Web are growing in
 popularity and usage. The current market dynamics provide both
 challenges and opportunities for your Company. The shift from
 traditional to pure VoIP players creates margin pressure. However, this
 margin pressure is driving operators to look for turn-key and
 outsourced solutions, where your Company is well positioned due to the
 scale of its business, advanced operations practices and global market
 leadership.
 
 The Wholesale Data market is also undergoing rapid changes. The growth
 of the Internet on the back of growing global broadband usage,
 increasing demand for multimedia services, the success of new
 collaboration and communications applications and the continued
 increase in the use of the web by both individuals and corporations, is
 driving the demand for IP bandwidth. With the growing need for
 bandwidth around the world, the demand for submarine cable capacity and
 IP Transit services continues to grow. New cable projects have been
 announced, or are being constructed, principally connecting the
 emerging new markets in Asia, Africa and the Middle East. These cables
 are largely being constructed to meet traffic growth rates of 30-40%
 per annum and the need for diversity. The associated challenge with new
 cable systems being built, is the price pressure it creates on
 wholesale data services.
 
 The Mobile Value Added Services market has been aided by the resilience
 that the mobile industry has shown to the economic downturn. There is
 some concern about revenue growth from mobile voice traffic, especially
 in the established markets of Europe and North America. However, with
 the increasing penetration of smart devices and the rolling out of
 broadband HSPA/3G  networks, mobile data is rapidly increasing its
 share of overall customer usage and revenue. As operators expand their
 broadband networks and subsequently their requirements for core
 Internet connectivity, it creates new opportunities for your Company''s
 wholesale IP transit and data services. Simultaneously, as mobile
 operators focus on cost reduction, there are resulting opportunities
 for Value Added Services such as ''steering of roaming'' and ''roaming
 hubbing''.
 
 Indian Telecom Market
 
 Over the last decade the Indian telecom industry has changed
 significantly, with all major segments being opened to competition.
 There are several new entrants in areas that the Company operates in,
 resulting in increasing competition from both domestic operators and
 large international companies with a direct presence in the country.
 The number of active players in our key service areas is shown below:
 
 ILD (voice) 08
 
 NLD (voice) 16
 
 Domestic Data 12
 
 International Data 13
 
 Data Centre 09
 
 The Indian telecom market grew to Rs.177719 crore (USD 40 billion) in
 2011, with the addressable market for Tata Communications being Rs.
 52939 crores (USD 11.90 billion). The major factors driving growth in
 the Indian market are increased penetration of mobile services, growth
 in consumer broadband services and increased adoption of network
 services by Indian businesses.
 
 REGULATORY DEVELOPMENTS
 
 The past year witnessed significant regulatory developments in India,
 such as the introduction of Mobile Number Portability (MNP) and license
 amendments requiring the government''s prior approval for telecom
 equipment purchases by licensees.
 
 Through a license amendment dated 3 December 2009, the Department of
 Telecommunications (DoT) had made it mandatory for all telecom service
 providers to obtain security clearances before placing purchase orders
 for procuring telecom equipment/ software from manufacturers who are
 not Indian owned/controlled. The associated time-consuming procedures
 caused the Company to face significant delays in fulfilling customer
 orders and in expanding its network infrastructure in India, which
 adversely impacted the Company''s revenues. On 31 May 2011, the DoT
 issued an amendment to the licensing conditions, doing away with the
 requirement of obtaining security clearance before placing purchase
 orders for telecom equipment. Network security has now been made the
 responsibility of the service providers, for which the DoT has
 prescribed the requisite measures; the Company is taking all the steps
 outlined.
 
 The regulatory scenario in other geographies across the world, where
 your Company operates through its subsidiaries, did not see any major
 policy changes impacting the Company''s business.
 
 COMPANY STRATEGY AND DIRECTION
 
 Strategy Overview
 
 Your Company continues to develop and execute its strategy to be a
 global provider of communication solutions, predominantly targeting
 business customers. Your Company''s strategy continues to be focused on
 creating a portfolio of communication and IT infrastructure services to
 leverage the trends shaping our chosen business segments. The key
 trends that we aim to address are:
 
 - The growth of emerging new market economies, with an emphasis on
 India, Asia, the Middle East and Africa;
 
 - The growth of IP and cloud-based communication and IT solutions; and
 
 - The shift towards managed services, which allows our client
 businesses to focus on their core competencies.
 
 Your Company has been investing in the underlying infrastructure to
 support the growing role of the Internet in the lives of consumers and
 businesses, the increased penetration of more powerful end-user devices
 such as smart-phones, tablets etc., and a more globally connected and
 collaborative business environment. This infrastructure includes long
 distance networks, metro networks, international submarine cables, data
 centres and virtual private network nodes.
 
 REVIEW OF OPERATIONS
 
 Geographical presence
 
 Your Company continues to grow its business in both India and globally.
 The revenue distribution between India and the rest of the world was
 26% and 74% respectively in 2010-2011.
 
 Segment and Product Distribution
 
 Your Company maintains a healthy blend of revenues across its various
 products and segments. Some of the key facts in 2010-2011, reflecting
 the resilience in the revenue portfolio are:
 
 - Mix (for data services) - Service Providers 52%, Enterprises 48%
 
 - Overall revenues: Voice 55%, Data 40%, Neotel 5%
 
 Highlights of Segment Operations
 
 Global Voice
 
 - During the year, Tata Communications'' international long distance
 voice traffic grew 25%, from ~3200 crore minutes in 2009-10 to ~4000
 crore minutes in 2010-11. National long distance voice traffic in India
 grew marginally to ~1000 crore minutes in 2010-11. However, gross
 margins from voice declined 23% to US Cents 0.46 per minute, from US
 Cents 0.60 per minute a year earlier.
 
 Global Data
 
 - Tata Communications'' data portfolio continued to expand during
 2010-11, and the launch of cloud computing solutions in India and Asia
 marked an entry into a fast-growing market segment. Revenues from this
 business segment were well-balanced between India (43%) and the rest of
 the world (57%); and between service providers (52%) and enterprises
 (48%). The Company''s strategy of expanding into managed services is
 beginning to show results, with managed services contributing 21% to
 the global data services segment.
 
 Customer Satisfaction
 
 - In the highly competitive Indian and global telecom markets, one of
 the biggest sources of sustainable advantage is superior customer
 experience. Tata Communications has made steady progress in this area,
 with the Company''s customer satisfaction ratings in 2010-11 standing at
 the 87th percentile of the global peer set. The Company is making
 ongoing investments in improving systems and processes as well as in
 strengthening people training and a customer- centric culture.
 
 HUMAN RESOURCES
 
 The different corporate entities that are part of Tata Communications
 together employed 7510 people as on 31 March 2011 (6457 on 31 March
 2010). Of these, 2260 (1182 in the previous year) were located outside
 India. With people of about 40 nationalities on the rolls, the
 workforce profile is diverse and multicultural.
 
 The Company seeks to hire, train and retain the best talent available
 globally to enable efficient and effective performance in a competitive
 marketplace.  At Tata Communications, employees are encouraged to live
 the vision and values adopted by the Company.
 
 Your Company has recognised the need to become more flexible in the
 management of its human capital, so as to be able to draw heavily on
 the skills of its global workforce. The compensation and employee
 benefit practices of Tata Communications are designed to be competitive
 in the respective geographies where we operate. Employee relations
 continued to be harmonious at all our locations, through continuous
 dialogue and openness.
 
 AWARDS AND RECOGNITION
 
 The Company''s transformational initiatives are being recognised in
 India and abroad. During the year, the Company earned several
 prestigious recognitions, including:
 
 - ''Top international long distance operator'' award from Voice & Data
 magazine in India, consecutively for the 9th successive year since 2001
 (India);
 
 - ''Best global wholesale offering'' award from Capacity magazine, a
 global publication for
 
 telecommunications carriers and service providers;
 
 - ''Telepresence managed service provider of the year'' at the European
 CEO 2010 Awards;
 
 - ''Service provider of the year'' in enterprise data services and hosted
 contact centre services at the Frost & Sullivan 2011 India IT & Telecom
 Excellence Awards;
 
 - ''Best service provider of the year, APAC''; and ''best ethernet
 wholesale service, APAC'' at the 2010 MEF Awards;
 
 - ''APAC service provider of the year 2011 (ethernet and telepresence)''
 at the Cisco Partner Summit 2011; and
 
 - ''Best long distance operator (India)'' at the Tele.net Telecom
 Operator Awards 2011.
 
 CONTINUOUS IMPROVEMENT
 
 In order to be able to respond quickly to customers, your Company
 continues with various initiatives to compete effectively, and to
 improve organisational flexibility and efficiency.
 
 Business Excellence
 
 Your Company has developed and deployed a Continuous Improvement
 methodology (QUICK), designed in partnership with Tata Quality
 Management Services, to serve as a model for continuous improvement.
 
 Your Company continues to transform itself in tandem with market and
 regulatory changes, using the framework of the Tata Business Excellence
 Model (TBEM), which covers areas like leadership, strategy, customer
 and market focus, knowledge management, human resources, process
 management, customer service and social responsibility.
 
 Your Company has received TL 9000 certification for three years,
 commencing 31 March 2010, for the India region. Nine out of thirteen
 key office premises across India have received ISO 14001 certification
 for environment management and we are pursuing certification for the
 remaining four office premises.  Our Global Managed Services Operations
 Centre (MSOC) at Chennai, all eleven data centres in India and six data
 centres at international locations have received ISO 20000 and ISO
 27001 certifications.
 
 Compliance with SOX
 
 Pursuant to its listing on the New York Stock Exchange, Tata
 Communications has been complying with section 404 of the Sarbanes
 Oxley Act, 2002 (SOX). SOX sets forth requirements for internal control
 over financial reporting and its documentation. For the current fiscal
 year, in addition to the management''s own assessment of the
 effectiveness of such internal control, the Company''s external auditors
 are also required to issue an opinion on whether effective internal
 control over financial reporting was maintained in respect of all
 material aspects by the management.
 
 Enterprise Risk Management
 
 Your Company has established an enterprise-wide risk management (ERM)
 framework to optimise the identification and management of risks
 globally, as well as to comply with clause 49 of the listing agreement
 with Indian stock exchanges. In line with your Company''s commitment to
 delivering sustainable value, this framework aims to provide an
 integrated and organised approach for evaluating and managing risks.
 
 Risk-based Internal Audit
 
 The risk assessments performed under the ERM exercise are a key input
 for the annual internal audit programme, which covers the Company''s
 various businesses and functions. This approach provides adequate
 assurance to the management that the right areas are covered under the
 audit plan.
 
 PENDING MATTERS OF SIGNIFICANCE
 
 Premature Termination of Monopoly and Compensation
 
 As reported earlier, the Government of India (GoI) had allowed other
 players into the international long distance (ILD) business from 1
 April 2002, terminating the Company''s exclusivity two years ahead of
 schedule. The GoI gave the Company a compensation package vide
 communication dated 7 September 2000; wherein, the GOI also gave an
 assurance that it would consider additional compensation, if found
 necessary, on a detailed review when undertaken.  However, vide its
 letter dated 18 January, 2002, issued just before the disinvestment of
 the Company, the GoI issued a further dispensation and unilaterally
 declared that the conditions stated in its said letter of 18 January,
 2002 were to be treated as full and final settlement of every sort of
 claim against the premature ILD de-monopolisation. The Company filed a
 claim in the Bombay High Court in 2005. The Bombay High Court, on 7
 July 2010, ruled that it did not have the jurisdiction to entertain
 this suit, in view of the provisions of the Telecom Regulatory
 Authority of India Act, 1997. Since the Company holds a different
 opinion, it has preferred an appeal before a division bench of the
 Bombay High Court on various grounds including:
 
 - That the monopoly granted to the plaintiff was distinct from the
 license, and that the award of compensation was in the nature of a
 breach of promise from the Government, acting as a policy maker and not
 as a licensor under the Indian Telegraph Act.
 
 - That the dispute did not relate to the provision of telecommunication
 services as envisioned under the TRAI Act.
 
 - That the plaintiff''s suit was not under, pursuant to and consequent
 upon the license granted to the plaintiff in 1999.
 
 The appeal has been admitted by the Bombay High Court.
 
 Surplus Land
 
 Under the terms of the share purchase and shareholders'' agreements
 (SHA) signed between the GoI and the strategic partner (the parties) at
 the time of disinvestment, it was agreed that certain identified lands
 would be demerged into a separate company.  It was further provided
 that if, for any reason, the Company cannot hive off or demerge the
 land into a separate entity, alternative courses that were also
 stipulated in the SHA would be explored. A draft scheme of demerger was
 presented to the board in April 2005, which was forwarded to the GoI
 with the Board''s observations. The parties are examining the legality
 and feasibility of implementing the scheme.  The land identified for
 demerger at different locations measured 773.13 acres, and carried a
 book value of Rs.0.164 crores (USD 0.04 million). As reported earlier,
 
 the VSNL Employees Cooperative Housing Society, Chennai (society) had
 moved the Hon''ble Delhi High Court in respect of their long pending
 issue of the transfer of 32.5 acres of land situated at Padianallur,
 Chennai, which was part of the identified surplus land.  According to
 the order of the Hon''ble High Court and as per the advice of the GoI,
 the process of transferring the said land to the Society was completed
 in July 2009. The strategic partner has written to the GoI to exclude
 the 32.5 acres of land so transferred to the society, from the 773.13
 acres mentioned in the SHA as the land identified to be demerged. The
 current balance of surplus land is 740.63 acres having a book value of
 Rs.0.163 crores (USD 0.04 million).
 
 STATUTORY INFORMATION AND DISCLOSURES
 
 Fixed Deposits
 
 The Company has not accepted nor does it hold any public deposits.
 
 Non-convertible Debentures (NCDs)
 
 The Company has Rs.1950 crores (USD 437.81 million) of outstanding
 NCDs. The trust deeds for the debentures issued by the Company will be
 available for the inspection by the members at the Company''s registered
 office during normal working hours, 21 days before the date of the
 25THAnnual General Meeting.
 
 During the year, the Company borrowed for its short term requirements.
 The Company issued short term unsecured debentures amounting to Rs.811
 crores (USD 182.08 million) in 2010-11. These unsecured debentures were
 redeemed during 2010-11. All debentures issued by the Company were
 rated ''P1 ''.
 
 Particulars of Employees
 
 The provisions of Section 217(2A) of the Companies Act, 1956, read with
 the Companies (Particulars of Employees) Rules, 1975, require the
 Company to provide certain details about the employees who were in
 receipt of remuneration of not less than Rs.0.60 crores (USD 0.13
 million) during the year ended 31 March 2011 or not less than Rs.0.05
 crores (USD 0.01 million) per month, during any part of the said year.
 The Company had 38 such employees employed during the year ended 31
 March 2011. According to the provisions of section 219(1)(b)(iv) of the
 Companies Act, 1956, the Directors'' Report being sent to the
 shareholders does not include this annexure.  The Annexure regarding
 the Particulars of Employees under section 217(2A) of the Companies
 Act, 1956 will be available for inspection by any member at the
 registered office of the Company during working hours, for 21 days
 before the date of the AGM.
 
 R & D, Technology Absorption and Foreign Exchange Earnings
 
 The Company has invested in developing new products and services
 adopting latest technologies such as content delivery network (CDN),
 cloud computing, telepresence and Wimax.
 
 There are no particulars to be disclosed pertaining to the year under
 review, in respect of expenditure on Research & Development (R&D) and
 technology absorption as required under Companies (Disclosure of
 Particulars in the Report of the Board of Directors) Rules, 1988. For
 the purpose of Form ''C'' under the said rules, foreign exchange earnings
 were equivalent to Rs.885.26 crores (USD 198.76 million) and foreign
 exchange outgo was equivalent to Rs.483.38 crores (USD 108.53 million).
 
 Auditors'' Report
 
 There are no qualifications in the report of the statutory auditors for
 the year 2010-11.
 
 Subsidiaries
 
 The statement pursuant to section 212 of the Companies Act, 1956
 containing details of the Company''s subsidiaries, is attached. The
 consolidated financial statements of the Company and its subsidiaries,
 prepared in accordance with accounting standard 21 (AS 21) prescribed
 by the Institute of Chartered Accountants of India, form part of the
 annual report and accounts.
 
 The accounts statements of the subsidiaries will be provided on request
 to any shareholder wishing to have a copy, on receipt of such request
 by the deputy company secretary at the Company''s registered office.
 These documents will also be available for inspection by any
 shareholder at the Company''s registered office and will be available on
 the Company''s website.
 
 The Board of Directors
 
 The board of directors of the Company at present consists of
 11directors. Mr. Vinod Kumar, who was a non-executive director on the
 Board was appointed as the Managing Director and Group CEO w.e.f. 1
 February 2011 subject to approval of shareholders and the Central
 Government as may be necessary. He replaced Mr. N. Srinath and Mr.
 Srinath continues to be a Director on the Board of Tata Communications
 Ltd and some of its subsidiary/associate companies.  Mr. H.P. Mishra,
 who was nominated by the Government of India as a permanent
 (non-retiring) director, has ceased to be a director on the board of
 Tata Communications Limited with effect from w.e.f 1 April 2010. Mr.
 Manish Sinha, Dy. Director General (LF), Department of
 Telecommunications, was appointed in place of Mr. H.P. Mishra on the
 board of the Company. Mr. Manish Sinha ceased to be a director on the
 board of Tata Communications Limited w.e.f from 15 September 2010;
 effective the same date, Mr.Shabhaz Ali, Dy. Director General (TRF &
 Accounts), Department of Telecommunications, was appointed as
 government nominee director on the board of the Company.
 
 Mr. PV Kalyanasundaram and Dr. V.R.S Sampath independent directors
 ceased to be a director w.e.f 20 May2011 and 2 June 2011 respectively.
 Mr. AK Srivastava, then Deputy Director General (AS) and Mr.Shahbaz
 Ali, Deputy Director General (TPF & Accounts) ceased to be directors
 w.e.f. 9 August 2011.  On the recommendation of the government, the
 board has appointed Mr. Uday B. Desai as an additional director
 (independent) w.e.f. 6 June 2011.  W.e.f 9 August 2011, Mr. AK Mittal,
 Senior Deputy Director General (AS), DoT and Mr.Saurabh Tiwari, Deputy
 Director General (LF.II), DoT nominated by the Government of India were
 appointed as additional directors. Mr. Uday B. Desai, Mr. AK Mittal and
 Mr. Saurabh Tiwari hold office till the ensuing annual general meeting.
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Company''s Articles of Association, Mr. Arun Gandhi, Mr.Subodh Bhargava
 and Mr. Kishor Chaukar retire by rotation at the ensuing annual general
 meeting and being eligible, offer themselves for reappointment.
 
 None of the Company''s directors is disqualified from being appointed as
 a director as specified in Section 274 of the Companies Act, 1956 as
 amended by the Companies (Amendment) Act, 2000. For details about the
 directors, please refer to point 2 of the Report on Corporate
 Governance.
 
 Corporate Governance
 
 Pursuant to Clause 49 of the listing agreement with the stock
 exchanges, the Management Discussion and Analysis, Corporate Governance
 Report and Auditors'' Certificate regarding compliance with conditions
 of corporate governance form part of the directors'' report.
 
 Looking Ahead
 
 In the coming years, your Company will continue to focus on its
 strategy of providing communication solutions and IT infrastructure
 services to service providers and enterprise customers, in India and
 globally, with a focus on developing differentiated capabilities in
 emerging new markets. It is expected that the demand for the Company''s
 services will remain strong, but we will continue to face increased
 competition and pressure on pricing and margins.
 
 Your Company will have to manage a two-pronged strategy of driving
 revenue growth from new markets and services, while continuing to
 improve the cost structure of its operations. It is expected that your
 Company will show improving financial performance, based on the
 strength of demand for communication services in our globally connected
 world and based on the ability to leverage the sound investments made
 over the past several years.
 
 ACKNOWLEDGMENTS
 
 The directors would like to express their thanks to all our valued
 customers, vendors and other business associates around the world for
 their support and confidence in the Company and its services. The
 directors also recognise, commend and thank all the employees globally
 for their dedication and commitment. The directors appreciate the
 support of various ministries and departments of the Government of
 India, including the Department of Telecommunications and the
 Information & Broadcasting Ministry as well as the governments and
 regulators of the various countries in which Tata Communications
 operates. The directors are also grateful to the Company''s other
 stakeholders and partners including its shareholders, promoters
 (strategic partner and GoI), bankers and solicitors for their continued
 support.
  
                                 On behalf of the Board of Directors
 
                                                     Subodh Bhargava 
 
 Dated: 30 August, 2011                                     Chairman
 
 Registered Office:
 
 VSB, MG Road, Fort,
 
 Mumbai – 400001.