New Delhi, 13 November: One of the India’s leading telecommunications service provider, Vodafone committed to invest Rs. 13,000 crore (£1.3 billion) for new business initiatives and capacity amplification.
The significant investment was committed by Vodafone Group Pic’s CEO – Mr. Vittorio Colao in his meeting with the Hon’ble Prime Minister Shri Narendra Modi in London today.
Vodafone has already invested over Rs. 111,000 crores, since starting operations in India in 2007. It has also contributed over Rs. 100,000 crores to the exchequer, which today is the largest FDI investor in India.
“At Vodafone, we are enthused with the PM’s vision for ‘Digital India’ and ‘Make in India.’ As the co-creator of the telecom ecosystem, a catalyst of the telecom revolution in India and being committed for the long term, we are ideally poised to partner the Government of India in fulfilling these important initiatives. We are pleased to announce our enhanced commitment to India through this series of further significant investments,” said Mr. Colao.
The committed investment of Rs. 13,000 crore includes:
- “Financial Inclusion” – Rs. 1,000 crores towards the payment bank for which Vodafone M-Pesa Ltd. has received an in-principle license from Reserve Bank of India (RBI). This will provide a further push to M-Pesa’s focus on financial presence and accelerate India’s journey into a cashless economy.
- “Digital India” – Rs. 8,000 crore to improve, upgrade and expand network coverage.
- “Make in India for the World” – Rs. 4,000 crore towards:
- Rs. 3,000 crores to further increase capacity and renovation its high-end technology center and IT and consumer experience centers in Ahmedabad and Pune. These centers service Vodafone companies globally, representing the ‘Make in India’ opportunity and highlighting it success to the world.
- Rs. 1,000 crore for setting up a state-of-the-art Tier-4 data center. This is the first kind in the Indian telecom sector and is specially designed to service the growing communications needs of enterprises and business.
Over the next two years, Vodafone India will hence increase its staffing levels to 15,000 employees.