Vodafone to invest an extra $1.96b into India

13 Nov 2015

Vodafone has committed to investing over 130 billion rupees ($1.96 billion) to expand its network in India and pursue its payments bank ambitions.

The company plans to invest 80 billion rupees towards enhancing, upgrading and expanding its network coverage, the Economic Times reported.

A further 40 billion rupees will go towards investments in ICT facilities including a tier-4 data center and new customer experience centers.

The remaining 10 billion rupees will be invested in the company's new payment bank operations.

Vodafone recently secured a bank license from the Reserve Bank of India following the tweaking of rules allowing non-bank companies to set up payment bank operations cleared to accept deposits of up to 10,000 rupees per transaction. But payment banks will not be able to offer credit directly.

The company has not revealed a timeframe for the planned investments. But the company said it it already the largest foreign direct investor in the Indian market, having poured over one trillion rupees in the market.

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