To: Mohan Marette who wrote (10192 ) 12/21/1999 7:48:00 PM From: Mohan Marette Read Replies (2) | Respond to
Global Telesystems may sell 5% of e-Venture stake for Rs 200 cr ($46 mil) gtl.co.in The strategic sale is expected to be in the favour of a telecom giant . Global Telesystems holds close to 13 per cent stake in thee-commerce company.Apart from 13 per cent held by GTL, another 46 per cent is held by aSingapore-based NRI group, while the remaining is held by the local promoters: Tirodkar and D'Silva family. The e-Commerce company, according to experts, has been valued well over Rs 2,500 crore ($581 million) . Global E-commerce has been operating for the last three years and hasbuilt up a customer base of 6,500 subscribers, most of whom are corporate clients. It has an equity capital base of $53 million. The company recently undertook a Rs 100 crore expansion and has been focusing on thebusiness-to-business and business-to-consumer segments of the e-commerce market. Most of the fund requirement was met through the capital infusion by promoters. The company also proposes to provide Internet access to theretail end of the market through a franchise network. It is also setting up frame relay network for Internet-related areas to expand its existing network and upgrade its fax, messaging and electronic data interchange capacity for gateways in the country.
