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Pacnet to raise stake in Indian venture

Telecommunications firm Pacnet has raised its stake in its Indian joint venture and will soon apply for ILD and NLD telecom licences.

Written by Reuters | New Delhi | March 24, 2009 11:46:04 am

Telecommunications firm Pacnet has raised its stake in its Indian joint venture and will soon apply for international (ILD) and national long distance (NLD) telecom licences,it said in a statement on Tuesday.

“Together with our JV partner FutureWorld India Pvt Ltd,we have further capitalised Pacific Internet India Pvt Ltd to support our network rollout in India post receipt of ILD and NLD licences,” chief executive Bill Barney said in a statement.

Privately held Pacnet now owns 74 per cent of the venture,having increased its stake from 55 per cent.

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