Vodafone to invest $3 bn in next two yrs in India for network expansion: Media Report

Posted By: Religare
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Vodafone to invest $3 bn in next two yrs in India
Vodafone plans to invest USD 3 billion in the next two years that will be deployed for network expansion in rural areas, said a PTI report.

Vodafone global CEO Vittorio Colao, however, declined to go into the details of the "positive" meeting he had with Finance Minister P Chidambaram on the tax issue.

"I am grateful to the Finance Minister for giving me time to meet him. It is good to have a dialogue between an enterprise and the policy maker. It is positive," Colao said, but he parried a question whether Vodafone would be willing to pay up around Rs 11,200 crore income tax demand.

Colao said in the next two years Vodafone will invest USD 3 billion in India."Our organic or real investment into the country is a significant USD 3 billion in two years... is the right decision," he said making it clear that the tax dispute with the government is in no way upsetting their plans for India.

He said the proposed USD 3billion investment excludes spectrum fee the company has to pay.

Dion Global Solutions Ltd.

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