Kerry Packer, the Australian media tycoon, has taken a 10% share for $238m in Himachal Futuristic Communications Ltd (HFCL), according to Indian media reports. Mr Packer's company Consolidated Press Holdings (CPH) owns outlets such as Channel 9, while HFCL is a maker of telecoms equipment. The deal is reportedly the biggest Foreign Direct Investment (FDI) in the Indian telecoms sector.
The joint venture will focus on creating software products and services. James Packer, joint-CEO of CPH and Mr Kerry Packer's son, was quoted as saying: "The joint venture expects to capitalise on the growing B2B e-commerce market in India, taking advantage of the combined strengths of the two companies."
Mr. Mahendra Nahata, Managing Director of HFCL, was quoted as saying: "HFCL's core strength in telecom and CPH's relationship with leading technology companies and its own large requirements of software is expected to bring sizeable business opportunities to this joint venture. The market opportunity coupled with the global strengths of both organisations will create one more strong player in the IT industry."
- nriol.com report
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