US-based wireless provider Sprint Nextel Corporation and Persistent Systems have announced the formation of a joint venture, which will provide national long distance, international long distance, Internet services and managed network services in India.
Sprint International will own 74 per cent and Persistent will own 26 per cent of the equity in the joint venture company. Sprint International’s investment in the joint venture is subject to the approval of the Indian Foreign Investment Promotion Board (FIPB). The joint venture will commence its operations after regulatory approvals are received. The JV will provide NLD, ILD, ISV and MNS Services to companies operating in India
Announcing Persistent’s investment in the joint venture, Dr. Anand Deshpande, chairman and managing director, Persistent Systems said, "Sprint is a technology leader in the wireless and wireline businesses and we believe that through this joint venture, we will be able to better service Sprint’s customers. Our strategic partnership with Sprint further strengthens our position in the telecom business."
The telecom business unit at Persistent focuses on three sub-verticals within the telecom domain -IP Communications, OSS/BSS and Mobility. Persistent is the partner of choice for many Telecom ISVs, Network equipment Vendors, telecom service providers and enterprises.
