Omaxe to apply for telecom licence

Delhi-based real estate developement and construction company Omaxe will apply for telecom licence to provide unified access service (UASL) for 22 circles. The company proposes to file an application through its wholly owned subsidiary Satvik Hitech Builders.

The company is joining the lines of other real estate firms who are likely to enter the telecom space. Experts in the telecom business say realty companies like Unitech and DLF with their large market capitalisation can raise the resources needed for the telecom business.

With startups requiring nearly $1 billion to begin operations, most of them see a large upside in the mobile services business which is expected to grow to 500 million subscribers by 2011.

Real estate major DLF plans to set up as a special purpose vehicle for its telecom foray.