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Tata Tele to invest $2 b in networks

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CIOL Bureau
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NEW DELHI: Tata Teleservices Ltd, the telecoms arm of India's No 2 business group, the Tatas, plans to invest $2 billion in expanding facilities in a booming market for wireless services, a top official said.



The Mumbai-based firm will spend the money on expanding networks in six circles and rolling out CDMA-based mobile and fixed line services in 11 new circles by mid-2004, K.A. Chaukar, the head of the group's telecom operations, told reporters.



"We should spend around $2 billion in a little more than two years," Chaukar said, adding the company was likely to raise the funds equally through debt and equity.



India's telecoms sector, one of the fastest growing markets globally, is carved up into 23 circles or zones. Each circle roughly covers a state or a large city.



Tata Teleservices is among the more than a dozen players fighting for a share of the domestic mobile market that has more than 30 million users. The company's user base exceeds 1.5 million customers.



© Reuters

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