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November 4, 1998 |
Iridium India may win incentive worth $14.25 millionBecause of the Department of Telecommunications granting Iridium India all necessary regulatory clearances before the global commercial launch of Iridium service on November 1, Iridium India Telecom Limited has staked its eligibility to qualify to earn incentive warrants valued at $14.25 million as on November 1.These incentive warrants are to be awarded by Iridium LLC to Iridium India
In addition to the provisional operating license, DoT has also granted Iridium India allocation of required spectrum and its usage, as well as approval to establish interconnectivity with terrestrial networks through VSNL. With the above clearances, Iridium India is still awaiting the import licence from the Director General of Foreign Trade to import 100 free Iridium beta handsets. These would enable it to conduct the much-needed subscriber trials. Iridium India will announce the commercial launch of service in its franchise markets upon successfully concluding the subscriber trials that will enable Iridium India to test the network and its connectivity to all terrestrial networks. At the same time, Iridium India has successfully averted assessment of capital punitive charge of $30 million as a result of DoT granting Iridium India the provisional operating licence before the global commercial launch of the service. The capital punitive charge would have been imposed upon Iridium India in accordance with the bank financing covenants of Iridium LLC, if Iridium India had failed to provide connectivity in its South Asia franchise to the global Iridium network prior to commercial launch. Iridium India Telecom Limited is a joint venture between a consortium of Indian financial institutions and the network management group of Motorola of USA. Iridium is a global wireless communications network that combines the worldwide reach of 66 low-earth orbit satellites with land-based wireless systems to enable subscribers to communicate using handheld telephones and pagers virtually anywhere in the world. UNI |
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