Financial Daily from THE HINDU group of publications
Saturday, Mar 13, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 13, 2004 |
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Info-Tech
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Telecommunications Idea to invest Rs 200 cr in Escotel circles Our Bureau
Kochi , March 12 IDEA Cellular Ltd on Friday said that it will invest Rs 200 crore to expand networks of Escotel Mobile, which it bought in January 2004. "Upon closure of the transaction, we will be investing over Rs 200 crore in the Escotel circles to help them grow and meet up with the demands of a continuously growing subscriber base," said Mr Vikram J Mehmi, CEO of Idea Cellular. Idea bought Escotel and Escorts Telecommunications in January for an estimated Rs 1,200 crore, to bring to its fold cellular operations in six telecom circles. Mr Mehmi said that plans have been drawn up for `major network expansions' in the existing as well as new towns. Escotel has operations in Haryana, Uttar Pradesh (West) and Kerala, and has a subscriber base of about 9.40 lakh by the end of February 2004. In Kerala, Escotel claims it is the largest operator and will reach the four-lakh subscriber base by end of this month.
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