BASKING RIDGE, N.J. and MUMBAI, India -- Verizon Business announced Wednesday (Feb. 7) that its newly-formed joint venture in India with the Videocon Group, Verizon Business India, has applied for a license to provide international long-distance (ILD) services. Following Verizon Business' recent announcement of its participation in the building of a Pacific undersea cable, the application recognizes the growth potential of Asian markets. It also further demonstrates the company's commitment to ongoing investment in its global infrastructure to provide the highest levels of services and capabilities to its multinational customers based in the region.
Receipt of the ILD license will further enhance Verizon Business' ability to provide advanced telecommunications services to multinational companies planning to expand their Indian operations, as well as to India-based multinationals wishing to expand globally.
Verizon Business India is the trading name of a joint venture agreement between Verizon Business and Leo Communications, part of the Videocon group of Mumbai. Verizon Business holds a 74 percent stake in the joint venture, called Verizon Communications India Private Limited and doing business as Verizon Business India; Leo Communications holds the remaining 26 percent.
Verizon Business India will enable companies operating in India to benefit from direct access to Verizon Business' advanced IP communications portfolio. Verizon Business India plans to offer a full range of services to multinational customers, including multiprotocol label switching (MPLS), international private leased circuits and Internet protocol virtual private networks (IP VPNs). Verizon Business already owns and operates one of the most expansive IP backbone networks in the world, and provides voice, data and Internet services to customers in more than 2,700 cities and 150 countries worldwide.
Verizon Business currently arranges for services to be provided to its multinational customers' Indian operations through partnerships with several licensed carriers in India. Once the ILD license is granted, Verizon Business India will be able to provide services directly to its customers in India, although the company plans to continue working closely with its existing Indian partners.
John Killian, president, Verizon Business, said: "India is widely acknowledged as a high-growth economy and is playing an increasingly important role in global manufacturing and service industries. For our existing multinational customer base, as well as for Indian companies looking to expand their own global presence, access to high-quality communications infrastructure is a prerequisite for business success. We are delighted to partner with Videocon Group and, through Verizon Business India, will be able to build on our existing presence in the country, providing high-quality service and support directly to customer operations based there."
Venugopal Dhoot, chairman, Videocon Group, said: "Verizon Business India will be well placed to serve multinational companies operating in the fast growing and increasingly globalized Indian economy. Through this joint venture, we look forward to helping customers achieve their global business objectives."
About Verizon Business
Verizon Business, a unit of Verizon Communications (NYSE: VZ), is a leading provider of advanced communications and information technology (IT) solutions to large business and government customers worldwide. Combining unsurpassed global network reach with advanced technology and professional service capabilities, Verizon Business delivers innovative and seamless business solutions to customers around the world. For more information, visit www.verizonbusiness.com.
About Leo Communications and the Videocon Group
Leo Communications is part of the US$3 billion Videocon Group, one of India's leading business houses. Videocon Group is a fully integrated CE & HA enterprise with backward integration in CRT Glass, Color Picture Tubes and other key components for the consumer electronics, home appliances and components industries. The company also operates in the Oil & Gas sector through its Ravva Oil Field which produces 50,000 barrels of Oil per day. The Videocon Group has the widest sales & service network in India, supporting seventeen locally-based factories. In addition, the Group operates facilities in Italy, Poland, Australia, Oman, China and Mexico. For more information on Videocon, visit www.videoconindustries.com