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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY)

SIFY 11.22

-3.5%

9:30 AM EST

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To: Mohan Marette who wrote ()	5/10/2000 11:59:00 AM
From: Prashant Buyyala	of 1471

Satyam Info launches B2B plastics portal biz.yahoo.com India's Satyam Info launches B2B plastics portal BOMBAY, May 10 (Reuters) - India's largest private Internet Service Provider (ISP), Satyam Infoway (NasdaqNM:SIFY - news), on Wednesday launched a B2B portal in joint ownership with Singapore-based plasticscommerce.com pte ltd. The portal called satyamplastics.com will cater to the entire supply chain of the plastics industry starting from plastics consumers and will include machinery and intermediary product manufacturers. ``It is a big industry which is spread wide and which is fragmented and this is why we have chosen to launch a plastics industry portal,'' said R.Ramaraj, managing director and chief executive officer of Satyam Infoway. The portal will be owned by a joint venture company SIFY Plasticscommerce Ltd which will be 51 percent-owned by Satyam Infoway and 45-percent owned by plasticscommerce pte ltd. The balance four percent will be owned by employees. ``Satyam plans to launch a series of vertical portals and a smaller number of horizontal portals,'' said Ram Mohan, president at Satyam Infoway. Satyam Infoway, last year bought 24.5 percent stake in portal company IndiaWorld Communications for $28 million and said it intends to buy the remaining 75.5 percent shareholding in a deal which is to date the largest of its kind in India. The plastics portal will allow users to set up a virtual office to demonstrate their products and this will form one of the sources of revenue which also includes advertisements, he said. Satyam Infoway is a subsidiary of Indian software services firm Satyam Computer Services Ltd and is one of the Indian companies which are listed on the Nasdaq. Its American Depositary Receipts (ADRs) ended at $30\15 on Tuesday.

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