Videocon Industries gains on subsidiary's investment plans

The stock opened at Rs 162 and touched a high of Rs 168 on the BSE

Videocon Telecom, subsidiary of Videocon Industries, plans to invest Rs 1,200 crore over three years on launch of 4G services in three circles. The services will be launched in UP (E), UP (W) and Bihar across 29 cities, according to a company statement.

Videocon Industries opened at Rs 162 and touched a high of Rs 168 on the BSE. A total of 1,84,326 shares changed hands on the BSE so far.

It will roll out 4G services in six cities in phase 1, 12 cities in phase 2 and another 11 cities in phase 3. The company is working closely with Deloitte as their consulting partner and Huawei as their technology partner in its existing operations.

Videocon Telecom holds 5Mhz liberalized spectrum in the 1800 MHz band in these circles plans to utilize the entire spectrum for rollout of 4G LTE services in select cities and offer voice on overlay network in these key cities. In remaining coverage area, the telco shall offer 2G voice on its own network, the company said. CLICK HERE TO READ FULL REPORT.