 Online edition of India's National Newspaper Thursday, Jun 19, 2008 ePaper | Mobile/PDA Version |
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NEW DELHI: Telecom company Shyam Group and IT services firm Spanco Telesystems and Solutions have formed a joint venture company to buy Spectranet, the Internet service provider (ISP) division of Punj Lloyd. In a statement, the two firms said the new joint venture would be called Citycom Networks and the deal is expected to close over the next few months, subject to statutory and regulatory clearances. Citycom Networks plans to create a neutral telecom infrastructure for next generation wireline and wireless broadband that promises exciting possibilities for telecom operators and ISPs. An investment of Rs. 500 crore has been envisaged for the first phase of expansion of the Spectranet network from the existing three cities to 10 cities adding Chennai, Jaipur, Chandigarh, Ahmedabad, Kolkata, Pune and Hyderabad to the network. It currently offers services in Delhi, Mumbai and Bangalore.
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