The nation's 10 electric power firms and their telecom subsidiaries announced Thursday they will integrate their Internet-related businesses to provide uniform services nationwide.
The plan will see the corporate Internet-related operations of Tokyo Telecommunications Network Co. -- better known as TTNet -- and nine other regional telecom firms grouped under PNJ Communications Inc., which will receive 20 billion yen from the parent utilities on April 26. PNJ Communications currently has capital worth 1.1 billion yen.
PNJ Communications President Katsumi Iwasaki said the firm aims to be a powerful telecom service provider to rival the Nippon Telegraph and Telephone group.
He said his company aims to capture between 20 percent and 30 percent of the corporate data transmission market in three years.
PNJ Communications will offer a "one-stop service" on a variety of national and international services, while the telecom subsidiaries will continue to offer regional services.
The regional telecom companies will provide PNJ Communications access to more than 180,000 km of optical fiber networks across the country.
After the planned capital injection, Tokyo Electric Power Co. will own 41.23 percent of PNJ Communications, followed by Kansai Electric Power Co. with 33.18 percent.
Chubu Electric Power Co. will own 18.96 percent and Kyushu Electric Power Co. 1.66 percent.
The power companies of Hokkaido, Tohoku, Hokuriku, Chugoku, and Shikoku will each hold 0.95 percent of the firm, while Okinawa Electric Power Co. will have 0.24 percent.