New Delhi: Debt-ridden telecom operator Vodafone Idea bought spectrum worth Rs 3,510 crore to improve 4G network coverage and service, the company said on Wednesday.
Besides renewing 900 megahertz spectrum in UP West and West Bengal, the company enhanced its 900 MHz spectrum holding in seven circles, namely Andhra Pradesh, Tamil Nadu, Karnataka, Punjab, Rajasthan, UP East and Kolkata.
"VIL has strategically acquired spectrum in the select markets to enhance and strengthen its overall spectrum portfolio. This acquisition will enable us to effectively use dedicated sub GHz spectrum towards advanced technologies to enhance the experience we offer to our customers," VIL CEO Akshaya Moondra said in a statement.
VIL has plans to invest up to Rs 55,000 crore over the next three years with focus on expanding and strengthening 4G coverage.
During the calendar year 2024, the company has raised around Rs 24,000 crore through equity issue (including proposed preferential issue of Rs 2,458 crore to Nokia and Ericsson, which is subject to approval by shareholders), and is in active discussions with its lenders to raise debt funding of up to Rs 25,000 crore.
"In circles of Andhra Pradesh, Tamil Nadu (excluding Chennai), Punjab and large parts of Karnataka and Uttar Pradesh (East), 4G on sub GHz 900 band will be offered for the first time which will result in better coverage and experience.
"In addition to 900 MHz spectrum, the company has also acquired 1,800 MHz spectrum in Madhya Pradesh and 2,500 MHz spectrum in Bihar, which will help in increasing the network capacity quickly," the statement said.
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