Document:

<PAGE>
                                                                     EXHIBIT 4.4
                                                                    CONFIDENTIAL

                   Memorandum of Agreement on Settlement Rate
                                       Of
                International Telecommunications Services between
                          Videsh Sanchar Nigam Limited
                                       And
                                  MCI Worldcom

This termination Rate Agreement made by and between Videsh Sanchar Nigam Limited
(VSNL) and MCI International Inc. (MCI Worldcom) sets forth the understandings
of MCI Worldcom and VSNL with respect to termination rates and other terms and
conditions to apply to the exchange of Switched voice services between MCI
Worldcom in United States which includes Alaska, Hawaii, Puerto Rico & the US
virgin Islands and VSNL in India.

1.  The term period of this agreement is from August 1, 2003 through  August 31,
    2003

2.  Switched Voice Services referred to in this agreement shall include IDD,
    ISDN, person to person, station to station, country Direct, International
    800("1800") exchanged between MCI Worldcom in United states and VSNL in
    India.

3.  The following terms and rates shall apply to traffic exchanged between the
    parties

4.  Originating USA MCI Worldcom & Terminating VSNL India

A.       IDDD, ISDN, Person-to-Person, Station-to-Station

<TABLE>
<CAPTION>
 Destination                       Code            Termination Rate / Per Minute
 -----------                       ----            -----------------------------
<S>                               <C>              <C>
New Delhi                          9111                   [Text Redacted]
Mumbai (Bombay)                    9122                   [Text Redacted]
Kolkatta(Calcutta)                 9133                   [Text Redacted]
Chennai(Madras)                    9144                   [Text Redacted]
Gandhinagar                        9179                   [Text Redacted]
Jallandhar                        91181                   [Text Redacted]
Ernakulum                         91484                   [Text Redacted]
Hyderabad                          9140                   [Text Redacted]
Bangalore                          9180                   [Text Redacted]
Mobile                             9198                   [Text Redacted]
Mobile                             9194                   [Text Redacted]
</TABLE>

B.       [Text Redacted]                                  [Text Redacted]

C.       [Text Redacted]                                  [Text Redacted]

D.       [Text Redacted]                                  [Text Redacted]

         [Text Redacted]

HCD/Collect calls made from India would be treated as calls destined to India
and the settlement rate of [Text Redacted] per minute would be applied.

5.  Minimum traffic realization: 99%

6.  There would be a mixed blend of traffic to destinations indicated above and
    Rest of India traffic as in the past.

7.  During the duration of this agreement both parties will use commercially
    reasonable efforts to maintain and grow the traffic exchanged with each
    other on their mutual networks.

<PAGE>

                                                                    CONFIDENTIAL

8.  The Parties agree to review and may renegotiate the settlement rate at the
    end the agreement period as above

9.  The settlement rate will be applied to each conversation minute of use.
    Minutes of traffic upon which settlements are paid will be measured using
    accumulated seconds.

    The settlement of telephone traffic balances on monthly basis and the
    payment cycle to conclude within 30 days after the traffic period.

10. This agreement shall be binding on both the parties upon signatures by the
    duly authorized representatives of MCI Worldcom and VSNL.

MCI International, Inc.                     Videsh Sanchar Nigam Limited

Sd/-                                        Sd/-
________________________________            ____________________________________
Signature                                   Signature
Aug 28, 2003                                Aug 28, 2003
________________________________            ____________________________________
Date                                        Date
H KASSAB                                    (RAJIV KATARIA)
                                            HEAD (WHOLESALE BUSINESS)
________________________________            ____________________________________
Printed Name                                Printed Name
DIRECTOR,
________________________________            ____________________________________
Title                                       Title<PAGE>
                                                                     EXHIBIT 4.5
                                                                    CONFIDENTIAL

    -    Emirates Telecommunication Corporation - Etisalat

FAX TRANSMISSION

Your Ref: HQ/Etisalat/Sett/June/24062003

Our Ref: GMIB/TAR/T101/India(VSNL)/0798

Date: 24th June 2003

TO : VSNL India
ATTN: Ajay Kumar
       Sr. Manager (Carrier Relations)

FAX NO: +91 22 2266 7578

SUBJECT: SETTLEMENT RATES

Thank you for your fax message dated 24-June-2003 on the above service.

We are very pleased to receive your acceptance to our counter proposal to reduce
the upper limit of [Text Redacted] million for the second tier to [Text
Redacted] million. In this regard, we wish to take advantage of this favorable
offer which will enhance our traffic. Accordingly, our records are updated as
follows:

<TABLE>
<CAPTION>
                                 Settlement Rate
Etisalat/UAE to VSNL/India          SDR/min.
--------------------------------------------
<S>                                                           <C>
Total volume [Text Redacted] to [Text Redacted] million mins  [Text Redacted] VSNL terminal share
Total volume [Text Redacted] million mins.                    [Text Redacted]  "       "      "
Above [Text Redacted] million mins.                           [Text Redacted]  "       "      "

VSNL/India to Etisalat/UAE                                    [Text Redacted] Etisalat terminal share
</TABLE>

Note: The rate shall be applicable from the first minute after reaching the
volume indicated.

Effective date: 1-June-2003

We wish to take this opportunity to thank you for your continued support in
enhancing our excellent business relationship.

Best Regards.

Sd/-
MOHAMMED RASHID M.S. AL SHARHAN
Tariffs Manager

INTERNATIONAL BUSINESS RELATIONS

--------------------------------------------------------
Head office P.O. Box 3838 * Abu Dhabi * United Arab Emirates
*Telephone 971-2-5184581 * Fax 971-2-6336700
*Telex 23555 16RETC EM/23135 ETCHO EM * Cable Etisalat HQ

<PAGE>

                                                                    CONFIDENTIAL

                                   [VSNL LOGO]

HQ/Etisalat/Sett/June/24062003                                   24th June, 2003

                                   FAX MESSAGE

To

Mohammed Rashid M.S. Al Sharhan                             Fax No 971-2-6336700
Traffic Manager
Etisalat, UAE

SUB:  Settlement rates.

Greetings

    Ref to your fax GMIB/TAR/India(VSNL)0790 dated 23rd June 2003, VSNL is
pleased to inform you the acceptance of your settlement rate proposal which is
as follows.

ORIGINATING IN ETISALAT/UAE & TERMINATING VSNL IN INDIA

    -    Total Volume up to [Text Redacted] million              [Text Redacted]

    -    Total Volume [Text Redacted] to [Text Redacted] million [Text Redacted]

    -    Total Volume above [Text Redacted] million              [Text Redacted]

Note: The rate shall be applicable from the first minute after reaching the
      volume indicated

ORIGINATING IN VSNL/INDIA & TERMINATING IN ETISALAT/UAE

    -    India to UAE                            [Text Redacted]

    The terms and conditions like recovery, payment cycle, method of accounting
etc. of previous month to continue.

    We are once again thank you for your co-operation & support.

Regards

Sd-
(AJAY KUMAR)
SR.MGR (CARRIER RELATION)
TEL: 91-22-2266 7682
FAX: 91-22-2266 7578 (new fax no.)
MOB: 91-98213 00462
e-mail: ajay.kumar@vsnl.co.in

<PAGE>

                                                                    CONFIDENTIAL

                          VIDESH SANCHAR NIGAM LIMITED

Regd. Office: Videsh Sanchar Bhavan, Mahatma Gandhi Road, Mumbai 400 001 (India)
                   Tel: 91-22-5657 8765, Fax: 91-22-2262 4027<PAGE>

                                                                     EXHIBIT 4.6
                                                                    CONFIDENTIAL

OMAN TELECOMMUNICATIONS
      COMPANY (S.A.O.C)

                                     OMANTEL

         SULTANATE OF OMAN

                                   FAX MESSAGE

TO      :   VSNL                                         FAX : +91 22 22667578
            ATTN:  AJAY KUMAR

FROM    :   MANAGER MANAGEMENT ACCOUNTS                  FAX : +968 68592
                                                         TEL : +968 683 920

OUR REF :   OMANTEL/8/648 / 2003  DATE: 24.06.2003       TOTAL PAGE : 1
                                                           (INCLUDING THIS PAGE)

After Compliments,

         SUBJECT : SETTLEMENTS RATES VSNL - OMANTEL

We have received your Fax message Ref HQ/Oman/Sett/June/02062003 dated 2nd June
2003.

Omantel is in agreement to your proposal on settlement rates based on the volume
restrictions as proposed for the months of May to July 2003 and a rate of [Text
Redacted] for VSNL's outgoing traffic to Oman.

The method of accounting will be Direct with sender paying the transit fee and a
99% traffic recovery.

Best regards,

Sd/-
TARIQ ABDULHAMEED AL RAISI
MANAGER MANAGEMENT ACCOUNTS

<PAGE>

                                                                    CONFIDENTIAL

                                   [VSNL LOGO]

HQ/Oman/Sett/June/02062003                                        2nd June, 2003

                                   FAX MESSAGE

To
Mr. Tariq Al. Raisi                                           Fax No 968 684 592
Manager, Management Account
Oman Telecommunications Company (S.A.O.C)

SUB: SETTLEMENT RATES.

Sir,

         It was nice talking to you on Saturday. As explained VSNL has been
dropping termination rates to India for the last 4 months keeping in pace with
the reduction in the market. Now the settlement rates have become stable & as
discussed we will continue the settlement rates of May`03 for June & July `03
which are as follows.

ORIGINATING IN OMAN TEL/ OMAN & TERMINATING VSNL IN INDIA

         -        Total Volume < [Text Redacted]        [Text Redacted]

         -        Total Volume > [Text Redacted]        [Text Redacted]

ORIGINATING IN VSNL/INDIA & TERMINATING IN OMAN TEL/OMAN

         -        VSNL/India to Oman Tel/ Oman          [Text Redacted]

Effective date 1st May, 2003.
Method of Accounting : direct method of accounting
Sender pays transit fee
Traffic Recovery = 99%

End of July we will once again review these rates. I thank you for your
overwhelming efforts & support. Pls convey your acceptance to the above at the
earliest.

                                                                     ACCEPTED
Regards,                                                           OMANTEL, OMAN

Sd/-
(AJAY KUMAR)

<PAGE>

                                                                    CONFIDENTIAL

Sr. Manager (Carrier Relations)
Videsh Sanchar Nigam Ltd.
TEL: 91-22-2266 7682
FAX: 91-22-2266 7578
MOB: 98 213 00 462
e-mail: ajay.kumar@vsnl.co.in

                          VIDESH SANCHAR NIGAM LIMITED
Regd. Office: Videsh Sanchar Bhavan, Mahatma Gandhi Road, Mumbai 400 001 (India)
                   Tel: 91-22-5657 8765, Fax: 91-22-2262 4027

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