The new promoter of Spectranet (Citycom, a JV company of promoter of Shyam Group and Spanco Telesystems) also announced an investment of Rs 500 crore in the next two years to expand services in 10 more cities.
Spectranet currently offers services in three cities Delhi, Mumbai and Bangalore and another 10 cities including Chennai, Kolkata, Pune, Hyderabad, Chandigarh, Ahmedabad and Jaipur would be added in the first phase of expansion.
Commenting on the development, Udit Mehrotra, director of the newly formed JV, said, "We see next generation wireline, broadband and wireless networks playing a key role in the changing socio-economic structure of India.
The acquisition is our endeavour to propel and lead this transformation in the country."
Shyam Group and Spanco Telesystems are leading IT and telecom service providers.
The new promoters of Spectranet intend to create a Neutral Telecom infrastructure for next generation wireline and wireless broadband that promises exciting possibilities for telecom operators and ISPs, the officials said.
According to Kapil Puri, chairman of Spanco Telesystems, "This joint venture with Shyam's promoter to acquire Spectranet aligns with the business model and expansion plans of our company.
"This will mark Spanco's entry into telecom networks operations, thus presenting an opportunity to leverage the current mobile telecom and broadband boom," he added.
