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Aircel plans $5.5bn India investment
20 November 2009
Ananda Krishnan’s Aircel in India is planning to spend $5.5 billion on expanding operations across the country. It already runs services in 18 of India’s 23 regions
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[Aircel]
[India]
[Binariang]
[Ananda Krishnan]
[Maxis]
[Natrindo ]
Aircel is planning to invest $5.5 billion in India over a span of three to five years. The mobile phone company will use the proceeds to expand its network and to cover most parts of India.
The mobile operator will fund the investment using $3.5 billion in existing US dollar and Indian rupee loans. The company will raise the remaining amount from the shareholders, including Binariang GSM.
Binariang — headed by Ananda Krishnan — holds a 74% stake in Aircel and also owns stakes in Indonesia’s Natrindo Telepon Selular and Maxis Communications.
The group has split off Maxis in Malaysia and has raised about $3.3 billion in an initial public offering. Aircel at present covers 18 regions in India and could introduce its services to all 23 by the middle of 2010. GTB
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