ByCell receives LoIs to operate in 5 circle

New Delhi, Feb 27 (UNI) ByCell Telecommunications India Private Ltd, a joint venture (JV) between Switzerland-based ByCell Holding AG and Bit Corp Pvt Ltd, today said it has received the Letter of Intents (LoIs) for providing telecom services in five circles.

The circles --Assam, North East, West Bengal, Orissa and Bihar-- will cover a total of 13 states with a population of more than 260 million, a company statement said.

The GSM mobile operator had applied for the license in 2005 in five circles after the government announced its FDI norms.

The city-based company had recently got the FIPB clearance after its LoI was withheld on the pretext of security clearance.

With a targeted customer base of 10 crore within next three years, ByCell will focus on rural and semi-rural areas with advanced voice and data services, the statement added.

ByCell Holding AG holds 74 per cent stake in the JV while the balance 26 per cent stake is with Bit Corp Pvt Ltd.

UNI MP BJR ND1758