Videocon Telecom to invest Rs.1,240 crore
Videocon Telecom on Wednesday said it would invest Rs.1,240 crore on network expansion and infrastructure upgradation in four telecom circles — Gujarat, Madhya Pradesh, Haryana and Punjab.
“We will be investing over Rs.1,240 crore in our existing four circles in 2014-15 primarily on network expansion, IT infrastructure, service platforms, and other technological advancements,” Videocon Telecom Director and CEO Arvind Bali said in a statement.
Stating that the company was targeting consolidated revenue of Rs.2,500 crore in the current fiscal, he said revenue grew by 77 per cent year-on-year to Rs.344.5 crore in the last quarter of last fiscal.
“We are the youngest telecom firm in the industry and we aspire to become the fastest to break-even. Minutes of usage have grown by over 81 per cent, data business is up by an impressive 317 per cent and now contributes to 7 per cent of our mobility business with over 38 per cent of our mobile customers actively using data,” Mr. Bali added.
Videocon Telecom won spectrum in November 2012 and started its operations. Industry data says that it recorded highest net subscriber addition continuously over eight months. “We achieved an impressive 91 per cent growth in its subscriber base at 70-lakh customer base,” he added.