Monday, January 24 2005 15:52 Hrs (IST) - World Time -

New Delhi: Undeterred by controversies over investment, equity and corporate governance, Reliance Infocomm, headed by Mukesh Ambani, today (Jan 24, 2005) said that it would complete planned investment of Rs 24,000 crore by March 2006.

Reliance Infocomm would invest Rs 9,000 crore over the remaining period in addition to Rs 15,000 crore pumped in so far, Kamal Nanavati, Chief Operating Officer, told reporters in New Delhi, but did not comment on the issues pertaining to the company, which have been raised in the course of the fight between Mukesh and his younger brother Anil.

Nanavati said that Reliance India Mobile Service (RIM) would expand to cover four lakh villages during the year 2005.

The company has laid a network of about 70,000 kms of optical fiber cables across the country, he said, adding that the expansion plan to cover over 5,700 cities and towns will also cover 91 per cent of the country's national highways and 85 per cent of the rail route.

Asked if Reliance Infocomm would complete the Rs 24,000 crore investment by the end of next fiscal, Nanavati said, "May be before that." Reliance Infocomm has emerged as a major point of contention between Ambani brothers with Anil first questioning flagship company RIL's Rs 12,000 crore investment in it and changes in equity pattern and then raising issues of corporate governance relating to the telecom venture of the Reliance group.