Vodafone to invest $3 billion in Indian networks over next two years

NEW DELHI (Reuters) - Vodafone Group Plc plans to invest $3 billion in Indian networks in the next two years, Chief Executive Officer Vittorio Colao said on Wednesday in the Indian capital.

He told reporters that he was also seeing progress in India's regulatory environment, although there was not yet complete clarity.

Vodafone has sought regulatory approvals in India to take full ownership of its Indian unit, which is the country's second-biggest mobile phone carrier by revenue and users, in a $1.6 billion deal.

(Reporting by Devidutta Tripathy, Writing by Brenda Goh; Editing by Sarah Young)