Satyam in e-trade tie with US group

CHENNAI: India's largest private sector Internet services provider Satyam Infoway Limited said on Thursday it has tied up with US Business Network, which owns the international trading Web site MeetChina.com, for online trading. The firm said the two partners would work together towards setting up a marketplace that will concentrate on cross border trade between Indian companies and firms in developed economies.

"This marketplace will be a part of the network of horizontal and vertical B2B (business-to-business) portals being set up by Satyam Infoway," the statement said. No other financial details were available. At end-June 2000, Satyam Infoway had more than 200,000 Internet subscribers. The company's network serves 44 locations, covering more than 220 cities in India.

The firm, owns and operates a series of B2B portals and has indicated that it might look at hiving off the B2B-based e-commerce part of its business into a separate venture. The Nasdaq listed Satyam Infoway's American Depositary Receipts closed at $15 on Wednesday, down from its previous day's close of $16. The firm is an associate of Indian computer services firm Satyam Computers Ltd.

(C) Reuters Limited 2000.