India phone firm plans share sale

The firm has global ambitions

Data Access, an Indian long-distance telecoms firm, plans to raise 1bn rupees (£12m; $22m) via an initial public share offering.

Subscription for the shares in what will be the country's first telecom IPO this year closes on 5 April.

Head of the firm in India Siddhartha Ray says the money will be used to upgrade its system and pay off debts.

India's IPO market is currently booming and is expected to raise $5bn this year.

Pakistan plans

"The whole telecom domain works through mergers and acquisitions and unless you have traded stock, you are at a handicap," Mr Ray added.

Fifty million shares will be sold at 17 to 20 rupees each, the Delhi-based company said.

The company which started operating in India in 2002 and has just entered Sri Lanka is reportedly about to enter Pakistan.

But it will start operations in the country through its US branch, a company official told the Indian daily Business Standard.