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Telecom service business in India is growing rapidly because of several factors including large population, relatively low charges, and huge wireless network expansion by private operators. Telecom service providers face problems in the management of “too many exiting products” and “huge demand for the new products”, simultaneously. This paper contributes with a solution to this “information integration and management” issue by utilizing two important concepts of project management: (i) product portfolio management (PPM), and product lifecycle management (PLM). Based on the developed PPM model, a suggestive framework for PLM is presented to help the telecom service providers effectively manage their existing products and also come up with an innovative process for creating new products.