Vodafone recasts Hutch-Essar Board; to invest $2 bn this yr
Vodafone on Friday said it would invest two billion dollars in the country this year for expanding its business.business Updated: Jun 15, 2007 18:49 IST
Having constituted a new Board to administer India's third-largest mobile firm Hutch-Essar, Vodafone on Friday said it would invest two billion dollars in the country this year for expanding its business.
"The meeting was excellent... We will invest two billion dollar this year in India," Vodafone CEO Arun Sarin told reporters emerging from the first meeting of the new Board.
The investment would be raised based on the progress, he said.
The constitution of the Board marks the beginning of integration of Vodafone and its Indian partner Essar, which Sarin hoped would be completed by September.
"This (integration) will be an ongoing process, but we hope to complete it by end of September," the India-born chief of the British mobile leader said.
The new Board has 12 members -- four from Essar and eight from Vodafone, including two independent directors.
On switching names, Sarin said no date has been decided for the brand change. "But it will happen. Next time you come here... You will see the Vodafone name."
He also said that the company was keen on creating a platform for infrastructure sharing, and welcomed industry players to join it.