Persistent Systems and Sprint Nextel has announced the formation of a joint venture. The joint venture will provide national long distance, international long distance, internet services and managed network services to companies operating in India.
Persistent will own 26 percent while Sprint International Holding will own 74 percent in the joint venture company. Sprint International's investment in the joint venture is subject to the approval of the Indian Foreign Investment Promotion Board (FIPB). The joint venture will commence its operations once regulatory approvals are received.
The company made this announcement during the trading hours today, 07 April 2011.