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International WorldSpace planning to recast its operations in India

WorldSpace planning to recast its operations in India

Author | NULL | Monday, Jan 01,1900 7:34 AM

WorldSpace planning to recast its operations in India

WorldSpace, the world’s first satellite radio service, is planning to restructure its operations in India. At present two entities—WorldSpace Asia and WorldSpace India—are catering to the Indian market, there are plans to have only one entity for activities in the country. The proposal for the same is pending before the Foreign Investment Promotion Board (FIPB).

According to the industry sources the company has sought FIPB approval to expand the scope of current activities. These include activities which were not put as part of the scope of WorldSpace India efforts in the original application which was approved by FIPB in 1998.

At present, WorldSpace has a wholly-owned subsidiary in India to carry out certain set of activities and the branch office of WorldSpace Asia Pte Ltd, Singapore, to carry out a different set of activities in the country.

Besides the corporate restructuring plan, WorldSpace is aiming for other targets in India as well. According to industry sources the second model of indigenously manufactured WorldSpace sets will be launched in the new year. Manufactured by BPL, the second model – Celeste II—priced around Rs 5000 is expected to be launched in January 2002.

Tags: e4m

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