Spain's Telefonica has outlined plans to invest over R$24 billion (US$14.6 billion) by 2014 in its Brazilian subsidiary. Telefonica's Chairman, César Alierta said that the expenditure would be used to upgrade and expand the network. He made the announcement following a meeting with Brazil's President, Dilma Rousseff.
"We are investing heavily in expanding our services and networks with the aim of covering close to 100 per cent of Brazil's municipalities with our telephone and broadband internet, both fixed and mobile," Mr Alierta said. "Our objective is to have the most modern networks in Brazil and to be pioneers in introducing new technologies to the country."
The announcement represents a 52% increase over its network CAPEX over the past four years, but will also include the expected cost of buying new mobile licenses in the forthcoming spectrum sales.
The company operates both landline and mobile services. It took control of the mobile subsidiary, Vivo last year when it paid US$9 billion for the 50% stake held by Portugal Telecom.
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