America Movil chairman Carlos Slim Domit (pictured) revealed the company would invest BRL30 billion ($7.2 billion) to increase the scope of its offering in Brazil, Bloomberg reported.
Speaking after a meeting with the country’s president Jair Bolsonaro, Slim Domit said the cash injection would allow the company to increase infrastructure capacity and grow across various segments, including a push into cloud services.
The cash covers increased spend to improve current services and launch of new ones.
America Movil operates the Claro mobile brand in Brazil which, according to GSMA Intelligence estimates for Q3, is the second largest operator in the country with 56.6 million connections.
Earlier this year, the operator group announced it was in the process of acquiring much smaller market rival Nextel for $905 million and has also been linked numerous times with a purchase of assets from troubled operator Oi. Rumours have covered both bids for Oi’s whole operation and a deal where assets are divided between a number of interested parties.
In addition to mobile services, America Movil’s Brazil division provides fixed line, PayTV and related services.Subscribe to our daily newsletter Back