Tanla Solutions, a telecom infrastructure solutions provider, surged 39 per cent on the Bombay Stock Exchange (BSE) this week, rising from Rs 26.10 to Rs 36.40. The company announced that it would form a joint venture with Spain-based Zed Worldwide Holdings at an investment of about Rs 63 crore. Zed is a global leader in mobile entertainment services and has presence in 54 countries.
The JV will provide new services in the mobile internet (including 3G), mobile entertainment, mobile advertising and interactive television verticals. The company has already received the approval from the Foreign Investment Promotion Board (FIPB) for the JV and it would commence operations during the first quarter of FY10.
The company has posted a gross revenue of Rs 544.70 crore in first nine months ended December 2008 against Rs 459.76 crore in FY08.
Its net profit increased to Rs 169.89 crore in first nine months against Rs 166.54 crore in FY08.