Reliance Communication to invest $2.5bn in expansion plans
03 Feb 2007
1
New Delhi: Reliance Communication plans to invest almost $2.5 billion in 2007-08 in expanding its telecom network to more number of towns and cities across the country. The company is also looking to launch new services, including Direct To Home (DTH) and Internet Protocol Television (IPTV) by the third quarter of next fiscal. On the proposed investments in its cellular network, Anil Ambani chairman of Reliance Communications said that the outlay for next fiscal would be much higher compared to this fiscal, which would end up at $1.75 billion by March 31, 2007.
While announcing the company''s results Ambani said the Group would take a conservative stand in bidding for India''s fourth largest mobile player. The company has also entered into a deal with Hutch, Airtel, Idea Cellular and Aircel for sharing infrastructure across the country and with State-owned MTNL in Delhi and Mumbai.
Reliance Communications posted net profit of Rs924 crore for the third quarter ended December 31 2006, up by 198 per cent, as against Rs310 crore posted during the corresponding quarter the previous year.
