Pacific Internet Ltd.
agreed Tuesday to form a JV with the Hinduja Group and the
Thakral Group in India as Hong Kong’s Asia Online (HK) Ltd. simultaneously announced
the opening of its India office.
Pacific Internet (PCNTF) and Thakral Brothers (Private) Ltd. (on behalf of the
Thakral
Group and In2Cable.Com (India) Private Ltd., a subsidiary of the
Hinduja Finance Corp Ltd.) signed a Heads of Agreement (HoA) to provide
broadband Internet access and data services for the Indian market.
The new joint venture company will be named Pacific Internet India Private
Ltd.
Under the terms of the HoA, Pacific Internet and the Hinduja Group will each
take a 37 percent stake in Pacific Internet India, with the Thakral Group
taking the remaining 26 percent stake.
Details of the collaboration were not disclosed at press time.
“We can leverage on the cross-marketing, and last-mile broadband connections
to Hinduja’s huge
combined base of 4 million direct and indirect cable subscribers” said Ko
Kheng Hwa, chairman of
Pacific Internet.
According to Quek Keng Ngak, group general manager, business development of
Pacific Internet, India has approximately 20 million cable subscribers
compared to an estimated 12 million telephone users.
The Hinduja Group is a global conglomerate operating in more than 20
countries and including India cable TV network, IndusInd Media
and Communications Ltd (IMC).
Hinduja Finance delivers Internet services using the cable networks of
Hinduja Group’s IMC to its four million subscribers. It has already started
delivery of Internet services in Mumbai and is starting to provide trial
services in Bangalore, Delhi,
Ahmedabad and Hyderabad.
The Thakral Group is engaged in IT hardware distribution, software
development and consultancy services. Pacific Internet offers Internet
access and portal services in Singapore, Hong Kong, the Philippines,
Australia, and India.
In another release, Asia Online announced the opening of its Indian office
after the acquisition of Web hosting company Fast Access Network (FAN) in
Australia.
These follow Asiaonline’s recent acquisitions of Internet companies in Australia,
New Zealand, Hong Kong and
Malaysian late last year and early this year.
Asia Online is backed by Softbank, J.P. Morgan, GE Capital and other investors.