CyberWorks Says It Will Buy a 49% Stake in Data Access of India
3/13/00 11:16:00 PM
Source: Bloomberg News
New Delhi, March 14 (Bloomberg) -- Pacific Century CyberWorks Ltd., Asia's third-largest Internet investment company, said it
will buy a 49 percent stake in Data Access Ltd., a New Delhi-based Internet service provider.
CyberWorks, owned by businessman Richard Li, has applied to India's Foreign Investment Promotion Board for permission for
the acquisition. The company declined to provide further details about the purchase, including the price.
CyberWorks is building up a distribution network for its Network of the World high-speed Internet
system. Earlier this month, it agreed to merge with Cable & Wireless HKT Ltd., Hong Kong's
largest fixed-line phone company.
''Data Access is an internet service provider in Delhi and has received approval in principle to
construct and operate an international Internet gateway from India,'' CyberWorks said.
Data Access has a category 'A' license from the Indian government that allows it to provide
Internet services throughout the nation, India's Business Standard newspaper said, citing a
CyberWorks official whom it did not identify.
The venture plans to start offering Internet access in several Indian cities, including the country's
financial hub Mumbai, by the middle of this year, the newspaper said. CyberWorks fell 0.5
percent today to HK$20.60. The stock declined 15 percent since March 8.
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