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Pacnet Increases Stake In PII To 74%; To Invest $200M-300M In India; Eyes Acquisitions

pacnetHong Kong based managed services provider Pacnet has announced that it is increasing its stake in its Indian joint venture – Pacific Internet India – from 55% to 74%. It is also investing $200 million to $300 million in this joint venture with Future World Ltd over two to three years. Pacnet is also looking at acquiring telecom and ISP firms in the country as well as other Asian countries, according to iGovernment. The firm’s revenues in 2008 stood at $500 million.

Pacific Internet India will be applying for NLD and ILD licenses soon, which it hopes to receive in a month. The firm owns a fiber optic backbone and currently offers enterprise services in six cities – Mumbai, Chennai, Bangalore, Hyderabad, Pune and Gurgaon. Its offerings include IP VPN services, direct internet access and managed services, competing with British Telecom, AT&T, Orange Business and Cable & Wireless in the country. The company had tied up with Airtel last year to interconnect their network infrastructures.

Pacnet is betting on India and aims to increase its contribution from 10 per cent in 2007 to 25-30 per cent of global revenues in the near future.

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