BUENOS AIRES, Feb 25 (Reuters) - Mobile operator Claro, a unit of Mexican tycoon Carlos Slim’s America Movil , said on Wednesday it would invest $2.7 billion in its Argentine operations over the next five years.
Underinvestment in Argentina’s telecoms industry means network reception can be patchy even in the heart of downtown Buenos Aires, the capital of Latin America’s No. 3 economy. But cellphone operators are now scrambling to play catch-up.
“The project is seeking to improve the current 3G network, to expand the network of fiber optic and introduce the 4G network,” the company said in a statement.
Movistar Argentina said in December it would begin rolling out fourth-generation, or 4G, services. (Reporting by Walter Bianchi; Writing by Sarah Marsh; Editing by Richard Lough and Chizu Nomiyama)