Asian telecommunications service provider Pacnet said Tuesday it is increasing its stake to 74 percent from the current 55 percent in its joint venture in India, ahead of applying for national long distance (NLD) and international long distance (ILD) communications licenses.
After it gets these licenses from the Indian government, the company said it will be offering through its Indian joint venture, Pacific Internet India, its full suite of network services including International Private Line (IPL), IP VPN (Virtual Private Networks), Ethernet IPL, IP Transit, direct Internet access, and managed services.
Pacnet did not disclose the additional amount it is investing in Pacific Internet India. The joint venture has been offering Internet services in six India cities. FutureWorld India is Pacnet's partner in the venture.
A number of foreign companies including Verizon Business and Cable & Wireless have received national and international long distance licenses in India, and are already offering services.
Indian rules allow foreign companies to hold up to 74 percent of the equity in companies offering communications services.
Pacnet said it is growing its operations in India, as it believes the country will remain one of the world's fastest growing markets, and will continue to be resilient despite the current global economic slowdown.