The Promoter of Shyam Group and one of India’s Leading telecom systems integration and IT services companies, Spanco Telesystems and Solutions Limited (SPANCO), today announced that they have entered into an agreement with Punj Lloyd Limited (PUNJLLYOD) to acquire it’s interest in Spectranet, the ISP division of Punj Lloyd. A Joint Venture, Citycom Networks has been formed for this purpose.

The deal is expected to close over the next few months subject to statutory and regulatory clearances. The new Promoters of Spectranet intend to create a Neutral Telecom Infrastructure for next generation wire line and wireless broadband that promises exciting possibilities for telecom operators and ISPs. An investment of Rs. 500 crores has been envisaged for the first phase of expansion of the Spectranet network from existing 3 cities to 10 adding Chennai, Jaipur, Chandigarh, Ahmedabad, Kolkata, Pune and Hyderabad to the network.

According to Kapil Puri, Chairman, Spanco Telesystems, “This joint venture 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 & broadband boom.”

“We see next-generation wireline, broadband and wireless networks playing a key role in the changing socio-economic structure of the India. This acquisition is our endeavour to propel and lead this transformation in India,” said Mr. Udit Mehrotra, Director, Citycom Networks

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