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Thuraya Satellite Telecommunications Company, the Abu Dhabi-based satellite telecom service provider, is likely to go public, a top official announced yesterday. Yousuf Al Sayed, Thuraya's chief executive, yesterday said, "A decision to this effect will be taken next year... We still have $334 million debt which we hope to reduce to $251 million by the end of the year. Once we complete the assessment of our business next year, we will make a decision as to when we will go public." The company is also entering the Indian market, following a service agreement with U&I, said a top official. Al Sayed said, "India is a large market we have been aiming for a long time. With this agreement, we finally managed to enter this large market." As per the agreement, its partners will set up 200 public calling offices across India. "This is the beginning of an expanded network that will be used by a large number of our future customers in India." The company yesterday announced the launch of new smart handsets that will be launched in March 2006. Thuraya sold 341,000 handsets, of which 250,000 are currently active. Thuraya, which has two satellite on orbit, will launch the third one in June next year.
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