Indian IT co to invest $ 1 million in Lanka
Colombo (PTI): India-based data services provider ValueFirst will invest $ 1 million in the next 18 months to expand its presence in Sri Lanka, which it sees as a potential destination.
"We propose to invest one million dollars in the next 18 months in the Island country as we see major potential to expand in this growing market, ValueFirst CEO Srinand Sridharan told reporters on Tuesday at the launch of its services in Emerald Nation.
ValueFirst, a mobile virtual network operator (MVNO), would tap the 7 million mobile phone users in Sri Lanka to expand its services in areas like stock market and banking after tying up with cell phone companies, he said.
The company's co-founder Vijay Shukla ValueFirst said the mobile revolution in Sri Lanka has raced ahead of the internet revolution.
With growing competition and decreasing margins, enterprises, he said, would have to increase in-house efficiency and provide better services.
Shukla added that dissemination of information at the right time and place is now of prime importance to communicate with people on the move and his company has been focusing on the area.
ValueFirst intends to take its mobile data service products and services to the government departments, banks, insurance companies, FMCG, stock brokers, IT and media firms in the first year of its operations in Sri Lanka, he said.
The company with profits of more than Rs 100 crore, also has operations in Pakistan, Nigeria, Romania, Middle-East and Lebanon.
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