Bangalore-based Devas Multimedia, which has been in news over S-band spectrum-row, has sought an assurance from the department of space (DoS) that the Indian Space Research Organisation (Isro) would not cancel its deal unilaterally. Incidentally, the Prime Minister himself looks after the working of DoS. This comes after Devas did not get any response to its communications with Isro, the department of telecommunication (DoT) and the Prime Minister.
?We have written to the PM and the DoT. We have gone to the space commission also. If the deal comes through, then we want an assurance form the highest level that such an incident will not happen again when Isro unilaterally decides to cancel it,? said Ramachandran Viswanathan, CEO & President, Devas Multimedia.
Devas hit the headlines recently over allegations of causing a massive revenue-loss to the government after a preliminary CAG audit indicated that Devas was allocated the high-value bandwidth at throwaway prices without competitive bidding by Isro.
Now Devas also wants a ?fact and merit based decision? as ?double standards are abhorrent?. The company has been in news for the past one week regarding a deal for which it commenced discussions and negotiations with Isro in 2003 and consequently entered into a definitive Agreement for Space Segment Lease in January 2005 with Antrix Corporation Limited, controlled by DoS.
?We met Isro chairman in October 2010 and everything was fine then. In fact, till three weeks ago we were discussing about having a third party launch provider. We have been communicating with them besides preparing operational reviews of the project every 2-3 years,? said Viswanathan.
Moreover, the company plans to raise $500-600 million from domestic sources. These funds will be in addition to the $250 million that the company has already committed in capital and other investments in the last six years. Devas is backed by three investors namely Deutsche Telekom AG, Columbia Capital LLC, and Telcom Ventures LLC. The German government directly and indirectly owns a 32% equity stake in Deutsche Telekom , which in turn owns about 20% in Devas.