Telefónica eyes $180m expansion fund in 2006

Spain's Telefónica plans to invest $150 million to $180 million in Peru this year, Telefónica del Perú president Carlos Antonio Valente da Silva was quoted as saying in local business daily Gestión.

Valente said the actual amount to be invested would depend on the company's income and market development and demand, according to Gestión.

With respect to past investments, Valente said that between 1994 and 2004 Telefónica invested $8.87 billion in infrastructure and $3.5 billion in financial items in Peru.

Mobile penetration in Peru grew from 52,000 clients in 1994 to 5.3 million in 2004, while fixed lines increased from 759,000 to 2.31 million in the same period, according to Valente.