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HFCL enters WorldTel - Reliance joint venture

Dec 30, 1999

Reports in a leading newspaper state that Himachal Futuristic Communication Limited (HFCL) is close to picking up a 10% stake in the WorldTel - Reliance joint venture. The joint venture is setting up Internet kiosks in seven states at an investment of US$ 1 bn. The Internet sector is growing at a breakneck speed in India. Although India has witnessed a sharp rise in the number of Internet service providers (ISPs) over the last one-year, the infrastructure available for public Internet access has severely lagged.

HFCL had recently been awarded a Rs 5 bn contract for providing hardware to the joint venture. The stake is being offered in this regard. The details of the deal are yet to be confirmed though.

The synergies are apparent. While WorldTel has the access to technology and money, Reliance will be able to provide domestic support and funding. HFCL on the other hand would chip in with the necessary hardware. The joint venture could become self sufficient in terms of managerial, technical and funding requirements.

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