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Reliance Industries to invest $5 bln in telecoms

Reliance Industries, which decided to buy a telecoms firm last week, will invest about $5 billion in the venture over the next two years, a spokesman for the petrochemicals-to-refining conglomerate said.

india Updated: Jun 14, 2010 09:59 IST
Reuters

Reliance Industries, which decided to buy a telecoms firm last week, will invest about $5 billion in the venture over the next two years, a spokesman for the petrochemicals-to-refining conglomerate said.

On Friday, Reliance Industries made a dramatic return to telecoms, agreeing to buy Infotel Broadband, which was the only company to win a nationwide licence in India's broadband wireless spectrum auction.

The planned investment includes broadband spectrum fee of about $2.75 billion to be paid by Infotel, the spokesman said.

First Published: Jun 14, 2010 09:57 IST