Real estate major Parsvnath Developers has decided to foray into mobile telecommunications market. The company has applied to offer mobile-phone and Internet services across the country, it said in a statement to Bombay Stock Exchange on Monday.

The company’s stock price went up by 3.1% to Rs 288 on Monday. The company said, with government following an open policy on spectrum, it seeks to use the opportunity for providing unified access service on a pan-India basis, including rural telephone. It has applied for license in 22 circles.

CMD Pradip Jain said the company would form a joint venture with foreign partner as per the government norms. At present, foreign investment up to 74% is allowed in telecom sector. He said the group is talking with a number of foreign players for the purpose.

India, the world’s fastest growing wireless services market, added a record 8.06 million mobile telephone subscribers in July as carriers such as Bharti Airtel and Reliance Communications expanded networks, mainly in rural areas.