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|November 17, 1997||
Comsat Max to add another $6 million equityComast Max Limited, a joint venture between Max India and the $1 billion Comsat Corporation, has decided to raise its equity by $6 million at a recent board meeting held in the US.
The two companies took the decision in a move to increase the equity of the joint venture company from $4 million to $10 million.
Max India holds 51 per cent in the venture and the US corporation has the rest.
This is the first time that Comsat Corporation, one of the pioneers in satellite communication, has decided to set up a telecom software development centre outside the US.
According to company sources, the subsidiary has started recruiting software professionals and operations are likely to begin soon.
According to Suddipta K Sen, chief operating officer, Comsat Max, besides deciding to raise the equity by $6 million in the joint venture, the board has also sought to unify service operations in all the 13 such ventures in the world.
This will comprise offering new services including the newly launched customised business solutions using VSATs through the 'demand assigned multiple access' service.
Comsat Labs will also focus on developing solutions for offering end-to-end network-managed solutions to the corporations across the world.
Comsat Max plans to use the $6 million in laying infrastructure for offering new satellite communications services to Indian corporate clients.
So far, the company has invested around Rs 300 million in building infrastructure for providing a range of private-line digital communication services commencing with high-speed satellite-based communications service.
- Compiled from the Indian media
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