NEW DELHI, India—Bharti Enterprises invested INR1.5 billion (US$31.8 million) into the recently acquired cellular licenses and to expand existing operations. The group will also undertake strategic restructuring of its cellular operations to emerge as a pan-Indian service provider.
The group has been awarded new licenses in Mumbai, Maharashtra, Gujrat, Haryana, UP West, Madhya Pradesh, Kerala and Tamil Nadu. In addition, it has acquired the existing operations in the Calcutta circle. The funding for these projects will primarily come from equity already raised.
The company’s operations will be structured into one major region covering telecom circles in Western India headquartered at Mumbai, and five other regional hubs. The company has also initiated talks with equipment vendors for the new projects.
Bharti group chairman Sunil Mittal said the company’s revenues will soar from US$350 million this year to US$2 billion in 2005.
Bharti to invest in new licenses
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