Telecom infrastructure solutions provider Tanla today surged nearly 13 per cent on the Bombay Stock Exchange after the company said it will form a joint venture firm with Spain-based Zed Worldwide Holdings at an investment of about Rs 63 crore.
"Tanla and Zed together propose to establish a joint venture company in India," the Hyderabad-based company said in a filing to the BSE.
Further, the firm has already received the approval from the Foreign Investment Promotion Board (FIPB) for the establishment of the proposed JV, Tanla Solutions said.
According to Tanla, the new entity would be mainly engaged in the development and provision of traditional and next generation mobile application content and services to mobile phone users in the country.
"The joint venture would commence its operations during the first quarter of financial year 2009-10," the company further said.
"The JV proposes to offer new services for the mobile internet (including 3G), mobile entertainment, mobile advertising and interactive television verticals," Tanla Solutions CMD Uday Reddy said.
Zed is a leading mobile entertainment services firm and has presence in 54 countries.
Tanla Solutions surged 12.84 per cent and was trading at Rs 29.45 in the afternoon trade on the BSE.
