Videocon Gains as Arm Plans to Roll Out 4G Services

Shares of Videocon Industries jumped as much as 6 per cent to Rs 168 in trades on Friday after its subsidiary Videocon Telecom said that it plans to roll out 4G services in Uttar Pradesh West, Uttar Pradesh East and Bihar Circles.

 

Videocon Telecom in a press release said that, "it to invest over Rs 1200 crore for rollout of 4G services in 29 cities of these circles in the next three years. The telcom company will become the first telecom operator in the country to roll out 4G LTE FDD on 1800 Mhz band."

 

Videocon Telecom plans to offer 4G data at 2G/3G rates to encourage early adoption, and will be offering bundled devices as well. 

 

Reacting to the news, the shares of Videocon Industries jumped in an otherwise weak market. Videocon shares ended higher by 2.4 per cent at Rs 163.