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This story is from August 28, 2007
Parsvnath to enter mobile sector
India, the world's fastest growing wireless services market, added a record 8.06 million mobile telephone subscribers in July.
NEW DELHI: Real estate major Parsvnath Developers has decided to foray into mobile telecommunications market. The company has applied to offer mobile-phone and Internet services across the country, it said in a statement to Bombay Stock Exchange on Monday.
The company’s stock price went up by 3.1% to Rs 288 on Monday. The company said, with government following an open policy on spectrum, it seeks to use the opportunity for providing unified access service on a pan-India basis, including rural telephone.
CMD Pradip Jain said the company would form a joint venture with foreign partner as per the government norms. At present, foreign investment up to 74% is allowed in telecom sector. He said the group is talking with a number of foreign players for the purpose.
India, the world’s fastest growing wireless services market, added a record 8.06 million mobile telephone subscribers in July as carriers such as Bharti Airtel and Reliance Communications expanded networks, mainly in rural areas.
Jain said as and when number portability is introduced, it would offer immense business opportunity to new entrants.
The company’s stock price went up by 3.1% to Rs 288 on Monday. The company said, with government following an open policy on spectrum, it seeks to use the opportunity for providing unified access service on a pan-India basis, including rural telephone.
It has applied for license in 22 circles.
CMD Pradip Jain said the company would form a joint venture with foreign partner as per the government norms. At present, foreign investment up to 74% is allowed in telecom sector. He said the group is talking with a number of foreign players for the purpose.
India, the world’s fastest growing wireless services market, added a record 8.06 million mobile telephone subscribers in July as carriers such as Bharti Airtel and Reliance Communications expanded networks, mainly in rural areas.
Jain said that this is a great opportunity for the company to diversify into a new business area, which is continuously growing. Despite increasing number of subscribers, the penetration of mobile telephony in India is still low as compared to developed countries.
Jain said as and when number portability is introduced, it would offer immense business opportunity to new entrants.
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