NTT to Set Up Firm Overseeing Operations Abroad
Tokyo, Aug. 7 (Jiji Press)--Nippon Telegraph and Telephone Corp. <9432> said Tuesday that it will establish an intermediate holding company that will oversee the Japanese telecommunication group's operations abroad.
The new firm, called NTT Inc., will come into being by this autumn as a direct subsidiary of NTT and the parent of NTT Communications Corp., the long-distance and international communication arm, and four other group companies active in overseas markets.
It will be the first large-scale reorganization at the NTT group in 19 years since NTT adopted the holding company structure by spinning off operations and putting them under its wing as subsidiaries, including Nippon Telegraph and Telephone East Corp., Nippon Telegraph and Telephone West Corp. and NTT Docomo Inc. <9437>.
The proposed restructuring is aimed at beefing up the Japanese telecom giant's information technology-related services overseas, NTT officials said.
The other four companies to come under NTT Inc. are NTT Data Corp. <9613>, NTT Security, the NTT Innovation Institute and Johannesburg-based Dimension Data Holdings PLC.
[Copyright The Jiji Press, Ltd.]