Rel Comm’s FLAG bags big European deal
Flag Telecom has bagged an estimated $100-million deal from a European research company, reports Narayanan Madhavan.business Updated: Aug 26, 2007 23:23 IST
Flag Telecom, a global submarine cable and telecommunications network company owned by Anil Ambani’s Reliance Communications has bagged an estimated $100-million deal from a European research company to set up Ethernet-technology based connectivity with the Tata Institute of Fundamental Research in Mumbai, group officials said on Sunday.
The contract, the biggest in the history of FLAG Telecom, once listed on Nasdaq and now expected to be listed again on the London Stock Exchange, would involve providing connectivity to the affiliate and associate research agencies of CERN (Conseil Europeen pour la Recherche Nucleaire), the European Organisation for Nuclear Research.
Senior FLAG officials are giving final touches to the deal at the offices of the Geneva-based research firm, a Reliance ADA source said.
The “gigabit” Ethernet deal involves zapping huge amounts of data that would enable heavy-duty applications like video recordings and conferences. “We have long been developing our Ethernet service across our global network and firmly believe it to be the cornerstone of next- generation networks. The global Ethernet market is predicted to swell to $25 billion by 2010 and we are intensifying our focus on addressing it,” said Punit Garg, president of FLAG Telecom.