Launches India 's first telecom Innovation Fund
New Delhi, September 11, 2008 : Bharti Airtel Ltd., India's leading telecom services provider, today announced the launch of the ‘Airtel Innovation Fund' aimed at promoting innovation and entrepreneurship in the field of telecommunications. This is the first ever innovation fund in India specifically for the telecom sector. The objective of the Fund is to provide opportunities to entrepreneurs with a vision to build businesses based on innovative ideas. The Fund will have an initial corpus of Rs 200 crores and will be led and administered by Bharti Airtel.
Announcing the launch of the Airtel Innovation Fund, Mr. Sunil Bharti Mittal, Chairman and Managing Director, Bharti Airtel said, “Bharti Airtel has demonstrated that Indian entrepreneurship can create world-class companies. Innovation has always been at the core of our DNA – be it our unique outsourcing model or world-class products and services. The Airtel Innovation Fund is a pioneering step to promote innovation and help budding entrepreneurs realise their dreams. We are confident that this initiative will co-build the twin pillars of innovation and entrepreneurship to usher in a new wave of entrepreneurs in India .”
The Airtel Innovation Fund's intent is to provide seed money to entrepreneurs who may not otherwise be able to access funds, and to serve as a vehicle to promote developments in technology, content and software applications in the area of telecommunications.
Mr. Manoj Kohli, CEO and Joint Managing Director, Bharti Airtel added, “Bharti Airtel has been a pioneer in the India telecom sector and revolutionised the market with innovative products like Lifetime Prepaid. This fund will be a catalyst in further promoting the spirit of entrepreneurship in Indian telecom as well as development of exciting technologies for the benefit of customers.”
About Bharti Airtel Limited:
Bharti Airtel Limited, a group company of Bharti Enterprises, is India 's leading integrated telecom services provider with an aggregate of over 75 million customers. Bharti Airtel has been rated among the best performing companies in the world in the BusinessWeek IT 100 list 2007.
Bharti Airtel is structured into three strategic business units - Mobile services, Telemedia services and Enterprise services. The mobile business provides mobile & fixed wireless services using GSM technology across 23 telecom circles. The Telemedia business provides broadband & telephone services in 94 cities and is foraying into the IPTV and DTH segments. The Enterprise business provides end-to-end telecom solutions to corporate customers and national & international long distance services to carriers. All these services are provided under the Airtel brand. Airtel's high-speed optic fibre network currently spans over 78,540 kms covering all the major cities in the country. The company has two international landing stations in Chennai that connects two submarine cable systems - i2i to Singapore and SEA-ME-WE-4 to Europe . For more information, visit http://www.bhartiairtel.in/