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This is an archive article published on February 14, 2007
Vodafone to invest 2 billion
After having acquired a controlling stake in Hutch-Essar, Vodafone CEO, Arun Sarin, today said that his company would invest over 2 billion...
Written by Enseconomicbureau
New Delhi February 14 | February 14, 2007 12:00 AM IST
2 min read
2 min read
After having acquired a controlling stake in Hutch-Essar, Vodafone CEO, Arun Sarin, today said that his company would invest over 2 billion in the Indian telecom market over the next couple of years. 8220;We will increase capital expenditure in the next two years, and will invest over 2 billion and bring our experience and depth to India,8221; said Sarin.
Sarin said Vodafone was interested in emerging markets, and saw a lot of headroom to grow in India. 8220;Vodafone will try and make possible the government target of 500 million subscribers by 2010. We have plans to expand in rural areas. For me personally, this is a homecoming, we used to dream about stuff like this at IIT Kharagpur8221; said Sarin.
On Essar, which holds a 33 per cent stake in Hutch-Essar, Sarin said that it was the company8217;s intention to help the group to make the decision to stay in the partnership.
8220;Our first, second and third preference is for the Essar group to stay, but it is a decision they have to make. The group has the next 30 days to make the decision. If they decide not to stay, we might bring in another Indian partner,8221; Sarin said.
Sarin also said that Vodafone will bring more variety, affordability and enhanced services to the market. In a much talked about acquisition, the UK based company has acquired a 67 per cent stake in Hutch Essar from Hutchison Telecom International.
Sarin is expected to meet Ruias of the Essar group on Thursday.
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