Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Info-Tech
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Alliances & Joint Ventures Aftek Infosys, UK's 3 to form jt venture co Our Bureau
MUMBAI, June 10 THE Mumbai-based Aftek Infosys Ltd has signed a MoU with the UK-based 3 to form a joint venture company, Aftek 3G Tel. Aftek Infosys will bring in 49 per cent of the equity and the rest will be contributed by Mr Niran Talgeri, Chief Technology Officer, 3, formerly known as Hutchison 3G, UK. According to a press release, Aftek 3G Tel will be involved in the wireless and mobile area, particularly in the 3G space and in other emerging technologies. Besides the development of critical IP (Intellectual Property)-based components and the productisation of IPRs, the joint venture will work towards bagging service business in the mobile and wireless space. Mr Talgeri has several patents and IPRs to his credit. Seven IPRs owned by him have recently been acquired by 3. Over time, Aftek will invest up to £2.5 million in creating infrastructure to productise IPRs held within Aftek 3G Tel and those acquired by 3 in the recent past. Towards this, and to execute service contracts that would flow into the company through the joint venture, Aftek would be augmenting the staff strength at Aftek 3G Tel. In the UK, 3G technology is currently spearheaded by 3, the main agency of Hutchison Whampoa, the Hong Kong-based ports and telecom group, which is investing over $16 billion in 3G technology over the next two years in the UK. Mr Talgeri, CEO, Aftek 3G Tel said: "From ideating to creating, productising and maintaining new IPR-based components and products, there is a lot of work involved... . The investments being made in the 3G space is a testimony of the huge growth potential that exists in this area. Together with Aftek, we are confident of being able to bag a sizeable portion of the pie." Mr Ranjit Dhuru, Chairman and CEO, Aftek Infosys said: "The joint venture provides Aftek with an avenue to exploit the strong growth opportunities in the mobile and wireless and 3G space. Backed by our success in creating and productising strong IP-based components and new IPRs, we are hopeful that the joint venture will help us gain a strong foothold in the UK."
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