Worldspace Incorporated, one of the world's leaders in satellite-based digital radio service, would invest $150 million in the next two years in India.
Announcing this after signing an MoU with Webel Mediatronics, a West Bengal government-owned venture, Worldspace CEO Noah A Samara said the company has made significant financial and personnel investments in India in connection with the launch of Worldspace services in Kolkata.
Worldspace India Pvt Ltd, a wholly owned subsidiary of Worldspace Inc, signed the MoU with Webel to explore technology transfer for the assembly, installation and commissioning of a broadcast infrastructure.
Samara said that components manufactured by Webel would be exported to Africa and the Middle-East also.
West Bengal IT minister Manab Mukherjee said, "Webel Mediatronics has emerged as one of the most progressive entities in the country today and it has proved it yet again through the signing of the MoU with Worldspace.
"Not only will this cooperation bring in the latest technology to India but also our people can develop it further for the benefit of the masses," he said.
Samara claimed that Worldspace, with more than 40 radio stations worldwide, would bring in a variety of choice for India to subscribers.
"We see our relationship with Webel as an important strategic initiative in achieving our India business objectives, particularly in its potential to accelerate the roll-out of our business and possibly reduce our current need to import infrastructure equipment."
