Persistent inks pact with US firm
- IPL spot-fixing case: Net widens, police watching 3 more players, other bookies
- IPL 2013: Imperious Brad Hodge powers Rajasthan Royals to qualifier
- Sonia Gandhi, PM Manmohan Singh slam BJP for disrupting Parliament, stalling bills
- IPL spot-fixing: 'Bookie' Vindoo was close to BCCI chief's son-in-law, say cops
- Jessica Lall case: Shayan Munshi to face perjury trial
To seek DoT nod for JV with Sprint Nextel
With the Indian telecom market growing at a fast pace, Pune-based Persistent Systems is planning to apply for a licence from the central government's Department of Telecommunication (DoT) to run the joint venture with US telecom major Sprint Nextel Corporation.
The joint venture (JV) will service the products of Sprint in the country and focus on strengthening the company's enterprise customer base in India.
Persistent recently signed the JV with Sprint as per which the US firm will hold the majority stake of 74 per cent in the new venture, Sprint Telecom India. The new entity has been incorporated with the Registrar of Companies, Mumbai, and the JV intends to file the application for clearance with the Foreign Investment Promotion Board of India (FIPB).
Company Secretary and head (Legal and investor relations), Persistent Systems, Vivek Sadhale, said, ¿As Sprint's stake in the JV will be over 49 per cent, FIPB approval is required. We will then file for licence permission from the DoT before the JV kickstarts its operations.¿
The JV will have business operations in Bangalore and the staffing pattern is being worked out, said Sadhale.
As per a recent report of the DoT, the Indian telecom network had 787.2 million connections as on December 31, 2010 with the number of wireless connections being 752.2 million.
- Fixing probe now reaches Bollywood, son of Dara Singh held
- BCCI cashes Pune Warriors guarantee, 'disgusted' Sahara walks out of IPL
- Sreesanth spent Rs 1.95L on clothes, bought friend BlackBerry, paid in cash: Police
- Delhi firm with MoD as client is linked to Pak cyberattacks
- After Infosys, iGATE sacks Phaneesh Murthy for sexual misconduct
- 2 weeks after harassment, Haryana schoolgirls return, cops in tow