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RIL to invest $5 bn in telecom

RIL to invest $5 bn in telecom
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First Published: Mon, Jun 14 2010. 10 26 AM IST
Updated: Mon, Jun 14 2010. 10 26 AM IST
Mumbai: Reliance Industries, which decided to buy a telecom firm last week, will invest about $5 billion in the venture over the next two years, a spokesman for the petrochemicals-to-refining conglomerate said.
On Friday, Reliance Industries made a dramatic return to telecom, agreeing to buy Infotel Broadband, which was the only company to win a nationwide licence in India’s broadband wireless spectrum auction.
The planned investment includes broadband spectrum fee of about $2.75 billion to be paid by Infotel, the spokesman said.
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First Published: Mon, Jun 14 2010. 10 26 AM IST