The new telecoms joint venture between the ESB and British Telecom (BT) will bring a new dimension to the Irish telecommunications market, the Minister for Public Enterprise Mrs O'Rourke has said.
She said the venture allows the ESB to optimise the use and value of its own extensive telecommunications infrastructure. The Minister was speaking at the launch of the joint venture, which will be called Ocean, last night.
"We recognise BT as world leaders in new technology development," she said. "In this regard the convergence of electricity and telecommunications technologies presents exciting opportunities for the venture," she said.
She added that Ireland now had a strong telecommunications environment which would lead to the creation of many new employment opportunities.
The joint venture company will concentrate initially on building on BT's existing operations in Ireland via the ESB network.
It will invest £130 million building out a network over a period of years. A 50:50 joint venture, the ESB's shareholding includes an investment by American International Group (AIG), the US insurance and financial services company.
Ocean said yesterday that it will focus initially on services to business and commercial customers, but it also plans to move into the residential market. Speaking last night, ESB chairman Mr Billy McCann said the state company's strategy was to identify significant opportunities for profitable expansion, both in Ireland and internationally.
The chief executive of BT Northern Ireland, Ms Lucy Woods, said the launch of Ocean marked another very significant step in BT's overall global telecommunications expansion programme.
