HYDERABAD: At a time when average internet speeds in India have reached 2.5 Mbps (megabits per second), Bengaluru-based Internet Service Provider (ISP) ACT Fibernet on Thursday announced the launch of 1Gbps (gigabits per second) wired broadband internet services in Hyderabad, making the `City of Pearls’ India’s first `Giga City’.The company has been working for over a year and a half to launch these services in Hyderabad and has invested around Rs 100 crore to roll out this technology in the city. In Hyderabad, the 1 Gb plan will be offered at Rs 5,999 per month. The services were launched by Telangana IT minister K T Rama Rao. “It is my vision to connect our residents through high speed internet and I am sure this product will further help fulfil my vision of making Telangana a tech and digitally advanced hub,” Rao said, adding that key government establishments such as the secretariat and assembly, among others, will be upgraded to this high speed connectivity. ACT Fibernet CEO Bala Malladi said, “The city of Hyderabad is apt for our maiden rollout (of the 1Gb services) as it has some of the best technology brands, educational institutions and a vibrant economy. We are confident this product will transform the way the internet is now being consumed at large and will also fast track the Telangana government’s target to connect all its 23 million residents through the internet by 2018.” He said that only four countries in the world offer Gbps services on a large scale -- Seoul in North Korea, Hong Kong, Singapore and a couple of cities in the US. ACT Fibernet’s 1 Gbps wired internet service will be launched in 10 other cities in the near-term. It also plans to invest around Rs 1,200 crore over the next two financial years to boost its presence in the country.The company will be banking on its investors – True North (earlier known as India Value Fund Advisors ) and TA Associates for the requisite funds, he added. It clocked revenues of Rs Rs 900 crore last fiscal and is expecting a growth of 30% this fiscal. Interestingly, around 50% of the company’s business comes from Hyderabad alone, where it has over five lakh subscribers. ACT Fibernet is the largest broadband provider in the twin cities of Hyderabad and Secunderabad with over 70% market share.