Financial Daily from THE HINDU group of publications
Saturday, Jan 26, 2002
Financial Daily from THE HINDU group of publications Saturday, Jan 26, 2002 |
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Info-Tech
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Telecommunications Corporate - New Projects Hughes Escorts to form subsidiary Ambarish Mukherjee
NEW DELHI, Jan. 25 HUGHES Escorts Communications Ltd (HECL) has firmed up plans to set up a wholly-owned downstream subsidiary with an initial investment of around Rs 10 crore to be spread over three to five years. HECL proposes to start manufacturing telecom and telecom related equipment and provide telecom services envisaged in the National Telecom Policy of 1999 through this subsidiary company whose name is yet to be decided. The company has sought permission from the Foreign Investment Promotion Board (FIPB) for setting up the subsidiary, which will also be engaged in providing services like e-commerce, interactive distance learning and other telecom services by using infrastructure provided by various access providers. The company, in its application to the FIPB, has mentioned that in view of significant business growth it witnessed recently, it proposes to set up a wholly-owned subsidiary which will carry out activities some of which are similar to the parent company. The company has also informed the board that the new subsidiary will not have any direct non-resident equity in its paid up capital. Other activities proposed for the subsidiary company include importing, marketing, selling and licensing of high tech systems related to satellites and auxiliary/ancillary equipment and other networking products and systems along with their installation and maintenance; provide related consultancy, supervisory and technical services; import, market and sell telecom related technologies, both hardware and software and carry out activities in the nature of network designs and network applications. Hughes Escorts, which has 49 per cent foreign equity holding, is engaged in installation, operation and maintenance of V-SAT equipment/services in India as well as manufacture, design, sell, operate and maintain telecommunication product and services including Internet services, products and services under the ISP policy.
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