Mumbai - Monday March 3 saw a rise in Tata Teleservices Maharashtra shares following latest news regarding the Virgin Mobile brand’s India launch in association with the company.
Both parties say this is not a mobile virtual network operator (MVNO) deal - since such status is not permitted in India. Instead, this ‘brand extension plan’ will see Tata sell some services under the Virgin brand. Revenues will be shared, and both parties reportedly retain the right to work with other parties.
Tata’s Virgin-based service will target young users and break-even is envisaged at 5million users within three years. The revenue target is put at Rs35,000crore (US$8.7billion) by 2010.
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