The Shyam Group and IT services company Spanco Telesystems and Solutions (Spanco) have entered into an agreement with Punj Lloyd to acquire its internet services division, Spectranet. For this, Shyam and Spanco have formed a 50:50 JV, Citycom Networks, earmarking an investment of Rs 5 billion for acquiring and expanding Spectranet’s infrastructure.
Spectranet has 1,500 corporate clients and 25,000 retail customers across Delhi, Bangalore and Mumbai.
