Telefonica Spain to invest USD2.77bn in Telefonica Brazil

www.WirelessFederation.com/news: BRL5 billion (USD2.77 billion) has been planned to be invested by Spanish telecoms giant Telefonica in Brazil in 2010 to improve both its fixed line and mobile telecoms services.

According to group’s head of Latin American operations Jose Maria Alvarez Pallete, Telefonica has invested a total of USD110 billion in the region since it entered the LatAm market in the 1990s.

BRL3.4 billion was invested in Brazil by the Spanish heavyweight last year and owns Telefonica Brazil (Telesp) and has joint control of the country’s largest mobile operator by subscribers, Vivo Participacoes