Vodafone to invest Rs24,000 crore, targets 100 mn subscriber base

Vodafone to invest Rs24,000 crore, targets 100 mn subscriber base
PTI
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First Published: Mon, Jan 21 2008. 10 38 AM IST
Updated: Mon, Jan 21 2008. 10 38 AM IST
New Delhi: Setting an ambitious target of 100 million cellular subscribers, leading GSM operator Vodafone-Essar on 21 January announced an investment of $6 billion (about Rs24,000 crore) in the next three years.
“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,” UK-based telecom giant Vodafone’s CEO Arun Sarin told reporters here.
When asked about the nature of funding, Sarin said the investments would be made from the Vodafone’s treasury.
On the issue of ongoing controversy over spectrum allocation, Sarin said: “We hope the issue will be resolved at the earliest. We need more spectrum as the spectrum and the capital expenditure go hand in hand. We have presented our views to the Indian government and are very positive.”
The Vodafone CEO also announced that the company would be launching a range of new services in India, but declined to elaborate.
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First Published: Mon, Jan 21 2008. 10 38 AM IST