América Móvil to invest $7.2 bi in Brazil

The group controls companies Claro, NET, and Nextel in the country

Published in 21/11/2019 - 14:30 By Pedro Rafael Vilela - Brasília

Carlos Slim Domit, chair of the administration committee of group América Móvil, met Wednesday (Nov. 20) with Brazilian President Jair Bolsonaro at the Planalto presidential palace and unveiled investments of $7.2 billion in Brazil over the next three years. In the country, the international giant controls companies Claro and NET, and also recently acquired Nextel.

“We met in Brasília with a number of authorities, several people, and concluded our stay with a courtesy visit to the president to announce our commitment with Brazil for the coming years. We have estimated an investment of $7.2 billion for the next three years and will continue to grow in our distinct services,” the executive told reporters.

The funds will go chiefly towards network expansion and the necessary infrastructure for the development of new services and solutions for cloud storage, Slim Domit said.

Magnate

Slim Domit is the son of Mexican telecom magnate Carlos Slim, counted among the world’s richest men by Forbes magazine. During his meeting with President Bolsonaro, he also stressed the group’s interest in participating in the auction of the 5G frequency range in Brazil. The government is yet to disclose specific dates, but the frequencies are expected to be auctioned sometime late next year.

“We started our 3G and 4G networks here, and now 4.5G. We’re eager to be around when the bases for 5G are here,” Slim Domit added. Cell carrier Claro, which belongs to the group, has been active in the country since 2003.

Translation: Fabrício Ferreira -  Edition: Lílian Beraldo / Augusto Queiroz

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