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December 2, 1993

OLIVETTI LAYS DOWN MARKER WITH NEW TELECOM & MULTIMEDIA UNIT

By CBR Staff Writer

Ing C Olivetti & Co SpA is stepping up its commitment to emerging multimedia markets with the creation of a new Olivetti Telecom & Multimedia unit that will develop and run its interests in the two fields. The new unit will focus on wireless communication, new information and multimedia services as well as the Ivrea company’s existing activities in the telecommunications sector. The fledgling Omnitel joint venture with which it hopes to win the licence to build and run Italy’s second cellular telephone network will also come under the new group. Olivetti also promised that it the Omnitel consortium wins the licence, it will invest $435m in the first year, out of total planned investment of $875m. Olivetti has 51% of the consortium, in which Bell Atlantic Corp is also an investor. The government has promised to award the licence by April.

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