DataAccess inks Rs 100 cr equity deal

NEW DELHI: International phone services company Data Access (India) Ltd., has entered into an agreement with a consortium of global investors to place equity of Rs 100 crore.

According to a highly placed industry source the Delhi-based company also plans to make a formal announcement sometime next week.

Data Access is one of the four ILD service providers in India, including Mumbai based Videsh Sanchar Nigam Ltd, which was the state-run monopoly until the sector was thrown open to private players in April 2002.

The company has undergone an IPO filing, which is expected to amount to $1 billion. The issue from Data Access, a JV between India's SPA Enterprises Ltd, and Hong Kong's dominant fixed-line company, PCCW Ltd.

The company had also recently decided to shut down its dial-up Internet access business NOW ISP, the process of which is likely to be completed by the end of November 2004. According to sources, the decision to wind up the business was taken after the company did a review exercises couple of month back to ascertain the viability of this investment intensive business.

According to Voice & Data, Data Access (India) is the country's second largest ILD player with a revenue share of nearly 11 percent.

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