Northgate Tech receives approval for ILD

Hyderabad-based Northgate Technologies, providing technology services, telecommunications and online advertising, received the approval for offering international long distance (ILD) services from the Department of Telecommunication under the Ministry of Communication and IT, Government of India.

The licence agreement will be signed after complying with the formalities within a period of three months from the date of issue of the referred letter.

The company in its release to the BSE today states that on account of the reorganisation of the Northgate group businesses, it expects to incur an amount in the range of approximately Rs 5-7 crore.

The company in August 2007, had raised up to Rs 450 crore through the issue of global depository receipts (GDRs).