Tata Communications International Pte, a wholly owned subsidiary of Tata Communications, has signed an equity joint venture agreement with shareholders of China Enterprise Communications (CEC) for the acquisition of 50% equity interest in CEC. This joint venture, which will become effective after the necessary approvals from the relevant government and regulatory bodies in China are obtained, will be the first-of-its-kind in the Chinese telecom sector post China's entering the WTO.
CEC is a value-added telecommunications services and integrated IT solutions provider headquartered in Beijing, China. CEC was recently awarded a nationwide IP-VPN service license by China's Ministry of Information Industry, the first telecom value-added service license granted to a non-facilities based service provider.
The company made this announcement during the trading hours today, 18 June 2008.
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