Vodafone to invest Rs 13,000 crore in India

NEW DELHI (TIP): Vodafone on Thursday committed investments of Rs 13,000 crore (£1.3 billion) in India for capacity augmentation and new business initiatives.

The information was communicated to by Vodafone Group CEO Vittorio Colao during in his meeting with Prime Minister Narendra Modi in London.

In a statement, the company said that it plans to spend Rs 8,000 crore in capacity addition and expansion, while Rs 4,000 crore would be spent on the ‘Make in India’ initiative and Rs 1,000 crore towards financial inclusion since Vodafone is one of the cpmpanies receiving in-principle approval for setting up a payments bank.

Of the ‘Make in India’ initiative, Vodafone said, Rs 3,000 crores go to further increase capacity and upgrade its high-end technology centre and IT and customer experience centres in Pune and Ahmedabad. Another Rs 1,000 crore is to be used for setting up a Tier-4 data centre.

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