Indian GSM carrier Spice Communications Ltd, partly owned by Telekom Malaysia, is likely to announce later on Monday it will invest more than a billion dollars in network expansion, a source told Reuters.
The source said Spice Communications, which operates a GSM network in two of the 23 circles making up India's booming telecoms sector, will also announce an initial public offering. Each circle is roughly equal to a large city or a state.
Spice has more than 2 million mobile users out of a total market of more than 108 million GSM and CDMA customers in the world's fastest growing cellular services market.
Spice Communications is due to hold a news conference at 3.30 pm local time (1000 GMT).