Idea to invest $2 bn in next two years
Idea Celluar, the Aditya Birla Group owned telecom company which got listed on bourses on Friday, will invest $2 billion in the next two years to compete in the booming Indian telecom market.
By PTI |
MUMBAI: Idea Celluar, the Aditya Birla Group owned telecom company which got listed on bourses on Friday, will invest $2 billion in the next two years to compete in the booming Indian telecom market.
"Idea plans to invest approximately two billion dollars in the next two years towards network expansion," Idea Cellular CEO Sanjeev Aga told media.
"The telecom sector has extraordinary promise," Aga said just after the listing of Idea here on the National Stock Exchange and the Bombay Stock Exchange.
Aditya Birla Group and Idea Cellular Chairman Kumar Mangalam Birla meanwhile ruled out any tie-up to compete with rivals like Vodafone.
"We are not looking up at any kind of tie-up," said Birla, who earlier in the morning led the listing ceremony by ringing the opening bell to mark the debut of Idea Celluar on the bourses.
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Idea currently operates in 11 circles out of 13 for which it has been issued license. It has applied for license in nine new circles. In the past six months the company has launched operations in Himachal Pradesh, Rajasthan and Eastern Uttar Pradesh.It will launch operations in Mumbai and Bihar this year.
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