Verizon Business India a joint venture between Verizon Communications Inc and Videocon Industries Ltd has applied for long distance license in India. They will target the corporate sector, especially the IT / ITeS sector in India.
Due to current restriction of Foreign Direct Investment in Telecom, Verizon Communications Inc holds 74% in the venture and Videocon holds the remaining 26%.
Long Distance tariffs have fallen drastically. National Long Distance tariffs between State Capitals is as low as Rs 0.40. Bharti Airtel and Reliance Communications are also competing to carry the ILD Traffic – to and from India at mere $0.10 to $0.07 cents a minute. Wonder if Verizon can compete with these emerging telecom giants 😉