Vodafone India to invest Rs 4,000-6,000 cr annually

Oct 27 2013, 15:02 IST
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'Investments will depend on spectrum and licence extension' 'Investments will depend on spectrum and licence extension'
SummaryVodafone has invested Rs 55,000 crore since coming to India in 2007.

India.

Earlier, foreign firms were restricted from holding no more than 74 per cent of telecom firms in direct ownership.

"100 per cent FDI was welcomed by Vodafone because we think that we need more growth opportunity in the future financially.

"Actually Indian ownership was a restriction which means if you want to strengthen your balance sheet by bringing in equity, also your Indian partner needs to bring in equity which is of course tough. Vodafone will use that opportunity to go to 100 per cent," Pieters said.

On the status of Vodafone group's application before Foreign Investment Permission Board (FIPB), he said: "I know only as much as you know."

India is fifth largest contributor to Vodafone Plc's revenues and fourth in terms of profits.

"We are absolutely number 1 when it comes to customers. Since, the customer don't give us so much money in India, the revenue is about number 5, operational profitability we are number 4 now," he said.

Pieters said Vodafone is also working out plans to invest in India under Project Spring where its plans to invest about USD 9 billion in next three financial years across the globe in its 4G, 3G and other telecom networks.

"We are planning for that (Project Spring) of course in India also but again it is very much depending on can we get spectrum to spend that money," he said.

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