Aircel Bags $100M 3G Loans from NIB

Sunday, 03 April 2011 10:27

NIB and the Indian mobile telecommunications operator Aircel Limited have signed a loan agreement for financing the rollout of 3G mobile communications networks in India. The NIB loan totals USD 100 million (EUR 72 million) and has a 10-year maturity. The telecom operator Aircel Limited will use the funds to finance its new 3G and broadband wireless access project in India. Within eight years, the company expects to treble its subscriber base to 156 million and increase its market share from 9% to 13%. In rolling out the state-of-the-art technologies in the world's fastest growing mobile telecom market, Aircel is cooperating with Ericsson and Nokia Siemens Networks. Both Nordic producers have established large, globally integrated R&D centres in India for developing innovative solutions for both technology and value added services. With a population of approximately 700 million subscribers, India is the world's second largest mobile market. The country's mobile subscriber base continues to be the fastest growing in the world. In 2009 alone, India added over 178 million subscribers. Aircel Ltd. NIB Capital