Telefonica to invest in Brazil
Date added: 24th March, 2011 at 09:31
(view all articles from March, 2011)
Categories: Economy
Telefonica, a Spanish telecommunications company, is to make a R$24.3 billion (£9 billion) investment in Brazil over the next three years.
The firm poured as much as R$16 billion into the country between 2007 and 2010 and its plans were announced following a meeting between chairman of the business Cesar Alierta and Brazilian president Dilma Rousseff.
Already dominating the telecommunications industry in Latin America, the investment represents a 52 per cent increase in the amount of cash the company ploughed into the nation over the last four years.
The Financial Times quoted Mr Alierta as saying: "Our objective is to have the most modern networks in Brazil and to be pioneers in introducing new technologies to the country."
Some of the money will go towards expanding the company's existing operations in the country through mobile phone business Vivo Participacoes and fixed-line firm Telesp.
Telefonica controls O2 in the UK and had 260 million customers worldwide in 2007.
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