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Duet-Tunnelnet entity plans IPO
AGENCIES
New Delhi, Feb 1: The Indian arm of Policyone, the entity born as a result of the merger of Duet Technologies, India, and US-based Tunnelnet Incorporated proposes to enter the capital markets with an initial public offering (IPO). However, the offer will be "some time away", said company officials. Policyone plans to invest close to Rs 10-Rs 15 crore in its Indian operations. "The Indian development centre will be involved in product development work right from inception, along with its counterparts in the US development facilities," said president and CEO Vimal Vaidya.Headquartered in the Silicon Valley, Policyone is focused on the internet infrastrcuture. "Policyone will leverage the strong software and hardware design capabilities of Duet and Tunnelnet to address the worldwide internet infrastructure market,'' Vaidya said. While Tunnelnet Inc, USA, was promoted by Vaidya, Duet Technologies was promoted by Fransisco-based Prabhu Goel. Both Goel and Vaidya hold an equal equity stake in the new creation. The new entity will take over the Indian operations of Duet Technologies, including its development centre in NOIDA's export processing zone. Duet Technologies had earlier made a strategic agreement with Motorola under which the former transferred its EDA, memory compilers and asic libraries resources to the latter. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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