Videocon has announced that it will make a Rs. 340 crore investment in its endeavor to expand internet services in India.

Videocon Telecom has planned to make a huge investment of Rs. 340 crore a year in its latest goal of expanding internet services in the country. It aims at around six to seven circles that include Madhya Pradesh, Haryana and Gujarat.

The company’s CEO and Director, Arvind Bali, said that the integrated telecom player is seeking to expand its presence in India. The company believes that the country offers a vast opportunity because the Internet market is growing rapidly. He also said that the company’s latest investment plans are also influenced by its experience in Punjab.

The Videocon group firm Quadrant Televentures has received pan-India internet service provider (ISP) licence from The Department of Telecom. The group works in Punjab under the “Connect Broadband” brand. The company aims at adopting the strategy of an aggressive data play. As of now, Government owned BSNL is the undisputed leader in the broadband market in India.

Bali explained that the investment is would cover various costs including ISP licence costs and network deployment expenses. In addition, the investment will also account for the expenses involved in the setting up of hot spots. Apart from this, the Rs. 340 crore investment will include several other costs as well.

Videocon Telecom seeks to eventually expand to Metro cities of India as well. However, the telecom operator said that it will begin with its existingGSM Mobility circles, which span Haryana, Chhattisgarh, Madhya Pradesh and Haryana. These circles will be treated on priority basis when the company will initiate rolling out its services.

Apart from this, the telecom company is also seeking to establish a joint venture with its D2H department in its endeavor to provide content to broadband subscribers.