TIM, Brazil’s second-largest operator, expects to invest BRL10.7 billion ($5.4 billion) over the next three years, despite a recent slowdown in the country’s mobile market.

The operator, which invested BRL3.4 billion in 2012, is also aiming for “high-single-digit-growth” of between five and nine per cent in its Ebitda, according to a Reuters report. Ebitda growth in 2012 was 10.9 per cent.

Telecom Italia last week announced that TIM Brazil had experienced lower growth, reflecting a weakness in the country’s wider market. The Brazilian unit contributes about 25 per cent of total Telecom Italia revenue.

Brazilian operators added subscribers in the last quarter at a fifth of the rate of a year earlier. The result was that TIM’s net revenue grew at the lowest rate in close to two years.

Nevertheless, TIM has still set out an aggressive investment strategy which will be implemented by new CEO Rodrigo Abreu, whose appointment was announced last week.

He will take over from incumbent Andrea Mangoni, who will leave the operator on March 4.

Despite rising by 16 per cent to BRL463 million, TIM Brazil’s fourth quarter net income lagged analysts’ estimates.

Last month rival operator Oi dismissed its CEO after narrowly missing a number of financial targets.

TIM is the country’s second-largest mobile operator with 70.3 million subscribers (end-Q4 2012 figures), according to Wireless Intelligence, behind market leader Vivo which has 76 million subscribers.