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The Hindu Business Line : U&I Systems in talks with Thuraya for joint venture
Business Daily from THE HINDU group of publications
Tuesday, Aug 08, 2006
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Alliances & Joint Ventures
U&I Systems in talks with Thuraya for joint venture
Our Bureau
Bangalore
,
Aug. 7
Bangalore-based U&I Systems Design Ltd said Monday that talks were still on with satellite communication giant Thuraya for a possible joint venture.
Mr G.R. Itigi, Managing Director, U&I Systems, said an attempt to create a joint venture is being made to meet their funding requirements. This is also intended to comply with some of the telecom bid conditions that specify minimum capital of Rs 100 crore. In addition, Mr Itigi said the company was in talks with Turnaround Finance of UK for bringing in equity.
Mr Itigi admitted that U&I was making losses and therefore examined the joint venture option to raise the necessary funds. Currently, U&I has a paid-up capital of Rs 9.2 crore.
U&I Systems has been a long-standing partner of Thuraya in India and has conceptualised and designed the docking units for the SatPhone handsets. Besides this, U&I along with Thuraya has made a presentation to the Department of Telecom for low-cost rural telephony solutions.
Thuraya's Satphones, which are GSM compatible, are already being used by India's security agencies. However, the company is attempting to become a volume player. Already, U&I is making docking units for Thuraya under its brand name and supplying to customers in UAE and Europe.
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