The Shyam Group and IT services company Spanco Telesystems and Solutions (Spanco) have entered into an agreement with Punj Lloyd to acquire the latter's internet services division, Spectranet. Shyam and Spanco have formed a 50:50 JV, Citycom Networks, for the acquisition, and have earmarked an investment of Rs 5 billion for both acquiring and expanding Spectranet's infrastructure.