Search the Internet          Tips  Sites: Finance, Investment

BSNL plans to spend $3.52 billion in 2001-02

Indian telecoms giant BSNL plans to spend Rs 165 billion ($3.52 billion) during the fiscal year to March 2002 to expand its services across the country, the Press Trust of India said on Thursday.

"The corporation would be investing about Rs 165 billion for various expansion activities including all India launch of its cellular services by December-end," the news agency quoted BSNL chairman and managing director D P S Seth as saying. State-owned Bharat Sanchar Nigam Ltd, which was corporatised from a government department last year, said the investments would be funded partly out of internal accruals and debt.

BSNL is India's largest fixed-line telephone service operator providing services across the country except in the cities of Bombay and New Delhi and has about 24 million customers.

It also operates India's only long distance telephone network.

PTI said the company was yet to decide the timing or the amount of funds it planned to raise through debt.

Seth told the news agency the company had started a cellular service in the eastern city of Patna, notching up 4,000 subscribers. "We aim to provide 1.5 million connections in the country by the year-end."

The firm has the government's mandate to provide cellular services across the country except Bombay and New Delhi.

Tell us what you think of this report