Orckit Communications (Nasdaq: ORCT ; TASE: ORCT) subsidiary Corrigent Systems has put an emphasis in recent months on getting close to potential customers, chiefly in the Far East. Besides its offices in Tel Aviv, Tokyo, and California, the company, which provides packet ADMs (add drop multiplexer) for next-generation transport networks, has recently opened offices in Seoul. Corrigent points out that Korea's 49 million people enjoy one of the world's most advanced telecommunications networks, presenting huge opportunities for its CM-100 system.
Yesterday, Corrigent announced that it had opened an office in Mumbai, India to address the rapid telecommunications infrastructure developments that are underway in support of the country's economic expansion. Suhas Patil will head the office in India. Patil was previously managing director of Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) Networks (India) and deputy general manager of the telecom projects division of Larsen & Toubro Limited, where he was responsible for project business development for ECI Telecom (Nasdaq: ECIL) in India.
According to Corrigent, the telecommunications market in India is experiencing unprecedented growth. India's Department of Telecommunications has set a target of doubling telephone penetration to 250 million lines by 2007, and analysts predict that spending on telecom equipment and services will grow at a CAGR of 23% from 2004 to 2009, to surpass $30 billion in 2009. In 2005, the number of wireless subscribers in India, 70 million, surpassed wireline customers, and over 3.7 million new subscribers are signing up every month.
"Having local presence for sales, business development, service and support is important for our prospects and partners in India. We are confident that this office will prove its ability to support the buildout of state-of-the-art networks in India," said Akio Ogiso, VP of APAC for Corrigent Systems.
Published by Globes [online], Israel business news - www.globes.co.il - on January 5, 2006