S.Lanka Mobitel invests $200 mln in network upgrade

The wireless arm of leading fixed-line telephone operator Sri Lanka Telecom SLTL.CM said on Wednesday it hopes to hike its subscriber base by 17 percent by early next year after investing $200 million to upgrade networks.

Sri Lanka Telecom Mobitel, a wholly owned subsidiary of Sri Lanka Telecom, said the investment would enable it to provide superfast 3.5G data services, and China's Huawei Technologies [HWT.UL] had been awarded a contract.

"Our funding came partly from a Sri Lanka Telecom bond issue, partly self-generated investment and two loans," said Suren Amarasekera, chief executive officer of Mobitel.

Read more,
http://www.reuters.com/article/rbssTechMediaTelecomNews/