In Sprint Nextel Corporation and Persistent Systems has announced the formation of a joint venture, which will provide national long distance, international long distance, internet services and managed network services in India.
Sprint International Holding, Inc. (Sprint International) will own 74% and Persistent will own 26% of the equity in the joint venture company. Sprint Internationals investment in the joint venture is subject to the approval of the Indian Foreign Investment Promotion Board (FIPB). The joint venture will commence its operations after regulatory approvals are received.
Announcing Persistents investment in the joint venture, Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems said, We are excited to partner with Sprint Nextel. Sprint is a technology leader in the wireless and wireline businesses and we believe that through this joint venture, we will be able to better service Sprints customers who are keen to grow their business in India. Telecom business is a growing segment for Persistent and our strategic partnership with Sprint further strengthens our position in the telecom business.
The Telecom Business Unit at Persistent focuses on 3 sub-verticals within the telecom domain -IP Communications, OSS/BSS and Mobility. SNEAKERS
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