Anil Ambani lays out road map for RCoVL

Mumbai, Mar 6 (UNI) Reliance Communications Ventures Ltd (RCoVL), which debuted on the bourses today, will invest Rs 15,000 crore over the next three years for the growth of its wireless, broadband and global businesses.

Of the annual investment of Rs 5,000-crore, half the amount has been earmarked for wireless business, Rs 1,500 crore for broadband business and Rs 1,000-crore for its global businesses, Reliance-Anil Dhirubhai Ambani Group (ADAG) chairman Anil Ambani told a media conference here this evening. Another Rs 500 crore will be spent for common services and assets for its business, he added.

Mr Ambani said majority of resources would come from internal accruals and some amount would comprise of debt.

He said the company has been approached by several global majors, including Microsoft and Cisco, for forging strategic and business partnerships to add value to India's largest wireless operator. ''If there is a need, we have the capacity to raise additional debt,'' he declared.

Responding to a query, Mr. Ambani said that foreign holding in RCoVL today stands at around 30 per cent comprising 23 per cent of foreign institutional investment(FII) and seven per cent global depository receipts (GDRs).The company will now seek shareholders' approval to increase this cap to 74 per cent, the maximum permitted under laws.

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