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June 25, 2001
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Money > Reuters > Report June 25, 2001 |
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BPL group close to buying SpectranetIndia's diversified BPL group said on Monday it was close to clinching a deal to buy Delhi-based broadband service provider Spectranet in a move that would give it access to a crucial market for the Internet and digital content. "We still have to sort out the finer details but negotiations are at an advanced stage," B K Syngal, vice-chairman of BPL Communications said. He, however, did not give any details about the purchase price, and Spectranet officials were not available for comment. Syngal said the deal would give BPL access to Spectranet's more than 700 corporate and about 50,000 to 60,000 retail customers. "Spectranet has an optic-fibre network which will help us in rolling out our converged or basic cellular services," Syngal said. He said the BPL group was looking to acquire more than a majority stake in Spectranet, a national provider of high-speed Internet access. He did not specify further. Indian broadband providers offer only Internet and cable broadcast but could eventually move into Internet telephony which is banned. India is expected to allow Internet telephony in the country from April 2002, Communications Minister Ram Vilas Paswan said earlier this year. Spectranet, founded by engineering and construction firm Punj Lloyd, has more than 600 kms of commissioned optic fibre cables in New Delhi and offers broadband services in the capital and Bangalore. It is also working on laying cables in Bangalore and Punjab. The Bangalore-headquartered BPL Communications, founded by consumer electronics firm BPL Ltd, is one of India's main mobile phone service providers. BPL has been in talks to buy Spectranet for the last few months. BPL's rival, the Bharti group, one of India's largest private telecom firms, said in March it had called off discussions to take over Spectranet, saying the price was too high. An economic daily had earlier reported that Bharti was likely to take over Spectranet for Rs 2 billion to Rs 2.5 billion.
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