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

SIFY 11.10

-5.9%

Dec 5 9:30 AM EST

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To: Mohan Marette who wrote (1199)	3/16/2000 9:54:00 AM
From: Mohan Marette	Read Replies (1) of 1471

HCL Infosystems to Spend $28.6 Mln on Internet Unit hclinfosystems.com (Update1) 3/16/00 5:28:00 AM Source: Bloomberg News New Delhi, March 16 (Bloomberg) -- HCL Infosystems Ltd., India's biggest maker of personal computers, said it will spend 1.25 billion rupees ($28.6 million) to set up an Internet subsidiary to help boost sales. The new company, called HCL Infinet, will offer Internet access, content and backend services in 40 Indian cities by the middle of the year. HCL Infosystems has applied to the government for a nationwide Internet service provider license. 'We had been planning an Internet subsidiary for 2-3 years now,' said Ajai Chowdhry, chief executive of HCL Infosystems. 'This was the missing piece of the puzzle,' in the company's strategy, he said. Internet usage in India is expected to expand eleven-fold to 30 million users by 2004, second only to China, according to a study by Credit Lyonnais Securities Asia. HCL plans to win a portion of this market and also use its leadership position in computer sales to target its customers with Internet services. HCL Infosystems will raise the money needed to finance the new company through a private placement of shares. The company did not mention how many shares it intends to sell or at what price. The company named investment bank DSP Merrill Lynch Ltd. to manage the share placement. HCL shares fell 44.2 rupees to 577 at close on the Mumbai Stock Exchange.

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