Thai state-run operator TOT has delayed the expansion of its 3G coverage until it is able to confirm its funding options, reports the Bangkok Post.

Yongyuth Wattanasin, the company’s CEO, said it is seeking the most effective source of cash for the expansion project, with an infrastructure fund the most viable option.

TOT owns a significant amount of spectrum and network assets that it could use to back the fund. “We could sell all our infrastructure to the fund in exchange for a stake in it,” Yongyuth said.

Fellow Thai operator True Corp recently announced a plan to establish an infrastructure fund worth THB70 billion ($2.25 billion).

True Corp said it would sell assets to the fund, including towers and network cables, and lease them back to provide the fund with steady revenue. It would then buy a third of the fund’s units and sell off the remaining two-thirds to pay down its THB100 billion debt.

True Corp’s fundraising scheme is currently threatened by a dispute with state-owned CAT Telecom about the ownership of 4,500 towers which would be part of the infrastructure fund.

TOT offers 3G on its 2,100MHz spectrum using 4,800 base stations. It had planned to spend THB30 billion to add 15,000 base stations as part of the second phase of its 3G rollout.

However, it has been burdened by two investment projects worth a combined THB38 billion, which were announced as part of a state policy for it to become a network service provider.

A potential 3G network partnership deal with Thai number-one operator AIS now seems unlikely as AIS wants to keep its options open regarding its own infrastructure fund.