Telefónica reveals $14 billion Brazil investment plans

Telefónica is to invest more than $14.6 billion in Brazil by 2014, the company’s president said. The money will be used to modernize and expand Telefónica’s existing telecoms network, as well as to provide new fixed line, mobile phone and cable television services, said César Alierta, worldwide chairman of Grupo Telefónica. The investment will also cover spending on operating licences. Telefónica is well known in Brazil but it is also one of the most heavily criticized in terms of customer services. Mobile phone tariffs in Brazil, as well as roaming charges, are among the highest in the world. This new investment marks a 52 per cent increase over what the company spent in the country over the past four years.