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November 26, 1998

BK MODI TO RESTRUCTURE OPERATIONS, FOCUS ON IT

By CBR Staff Writer

The BK Modi Group, one of India’s largest diversified business groups will restructure its operations to give greater emphasis to information technology. It will restructure its entire operations into two basic entities: Modicorp will concentrate on all IT related businesses, while all other areas of operations within the group will merge with Modi Holdings. Modicorp will now also include Modi Telstra and Spice Telecom. Modicorp will also pitch for an ISP license. The group has invested $330m into the IT sector already. Revenues from this sector are approximately $352m. Modi Telstra controls 58% of the Calcutta cellular market and Spice controls 55% of the Karnataka and 90% of the Punjab cellular market. Modi Xerox will become a part of Modicorp at a later stage.

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