India tycoons agree telecom infrastructure pact
NEW DELHI (AFP) - Two of India's billionaire tycoons announced a pact on Tuesday to share telecom infrastructure that could accelerate rollout of communication services in the fiercely competitive sector and cut costs.
The Reliance conglomerate, which plans to launch an ultra-fast fouth-generation (4G) network, and the nation's biggest mobile company by subscribers will be able to use each other's existing and future telecom infrastructure under the deal.
Reliance Industries is headed by India's wealthiest man Mukesh Ambani while Bharti Airtel is led by billionaire Sunil Bharti Mittal.
"The cooperation is aimed at avoiding duplication of infrastructure (and) preserving the environment," the companies said in a statement which adding the pricing would be at "prevailing market rates" but gave no other financial details.