ACT Fibernet plans to invest Rs 1,000-1,200 crore in next two years

HYDERABAD: Internet Service Provider ACT Fibernet plans to invest Rs 1,000 crore to Rs 1,200 crore towards business growth across the country over the next 18-24 months, a top official said today.

"We plan to invest Rs 1,000 crore to Rs 1,200 crore in the next 18 months to 24 months. This amount will be used towards expansion and technology upgradation and also investment in backend. We are funded by TrueNorth and TA Associates and both the investors have committed for further (fresh) investments," said Bala Malladi, CEO, Atria Convergence Technologies Pvt Ltd.

"So, far in the last two years an estimated investment to the tune of Rs 1,100 crore has been made," Bala told reporters here.

ACT Fibernet today announced the launch of 1Gbps(Giga speeds) wired broadband internet service for Hyderabad.

"ACT Fibernet is the first player in the Indian internet market to GIGA enable an entire Indian city (Hyderabad)," Bala said.

"Very few cities across the world can boast as being 'Giga enabled'. Giga speeds will allow downloads from the internet faster than transferring data from a USB drive.

"We are confident this product will transform the way internet is now being consumed at large and this will fast-track the government's newest target to connect all its 23 million Telangana residents through the Internet by 2018", he said.

Headquartered in Bengaluru ACT Fibernet's 1 Gbps wired internet service is slated to soon be available in the 11 cities the company has presence in.