Videocon and Verizon to offer international long-distance (ILD) services in India

US telecom giant Verizon is collaborating with Indian consumer electronics maker Videocon to offer international long-distance (ILD) services in India.

Verizon has been interested since quite some time to enter the Indian market by offering long-distance calls. They have now formed a JV — Verizon Communications India —with Leo Communications which is part of the Videocon group.

This joint venture company is rumored to have already applied for a license to provide ILD services. Market sources claim that the initial investment in this group is in the region of around USD 30 million.

Verizon will hold 74% in the JV to meet the requirements of FDI regulations in India.