Vodafone to invest $6 Bn on India operations

By siliconindia   |   Wednesday, 23 January 2008, 23:03 IST
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New Delhi: Vodafone- Essar, a UK based mobile phone service provider, has announced an investment of $6 billion (about Rs 24,000 crore) in India for the next three years. The company also plans to increase its subscriber base from 40 million to 100 million. "We shall be investing $2 billion annually for the next three years on our Indian operations. We have set a target of reaching 100 million subscriber base from the current level of 40 million," said Arun Sarin, CEO, Vodafone. When asked about the funding of investments, he said the investments would be made from the Vodafone's treasury. "We need more spectrum as the spectrum and the capital expenditure go hand in hand. We hope the issue will be resolved at the earliest," said Sarin on the spectrum allocation. "We have presented our views to the Indian government. We are very positive about the government," he added. Sarin also announced that the company would be launching a range of new services in India, but he refused to give more details on these new offerings.