Vodafone Idea (Vi) plans to spend ₹5,720 crore to launch 5G wireless network in the next 24 months, Chief Executive Officer (CEO) Akshaya Moondra said on Monday. The cashstrapped telecom player will deploy funds raised via the ₹18,000 crore follow-on public offer (FPO) — the largest in the country to date - for boosting its telecom infrastructure and clearing deferred payments to the government.
The company's stock closed at ₹13.16 a share on BSE, up 1.5 percent.
Moondra said the company would spend 12,750 crore to buy equipment for expanding its network infrastructure, which includes setting up 4G sites, expanding or adding capacity at existing 4G sites, and setting up 5G sites. The company hopes to bring 5G access to 40 percent of its revenue base in the next two years, Moondra said.
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