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Vodafone India gets $7.2B from UK parent

Vodafone GroupPlc made a $7.2 billion investment in its unit in as the country's largest-ever spectrum auctionapproaches, Reuters reported Sept. 22.

The funding will reportedly help with its owninvestments in spectrum and network expansion, according to the report, citingthe subsidiary's CEO Sunil Sood.

India's spectrum auction was initially for Sept. 29, but wasmoved to Oct. 1 afterlocal telcos requested a postponement.

Vodafone India is one of seven mobile service providers setto participate in the bidding, the report said.