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CEO: Huge amount to be invested for Bangladesh 3G

Julhas Alam, Associated Press

DHAKA, Bangladesh (AP) -- The head of Bangladesh's largest mobile phone company says it is ready to invest millions of dollars to fit itself for 3G operations after having gained spectrum in an open auction for the first time.

On Sunday, Grameenphone Ltd. bagged 10 megahertz of spectrum after offering $21 million for each megahertz.

CEO Vivek Sood said Tuesday that it is an "exciting moment" to offer the third generation mobile telecom service.

Sood says the company will continue to invest in the sector and that prospects "looks bright." Last month, the International Finance Corporation helped raise a $345 million loan for Grameenphone to increase its capacity.

Grameenphone, a local subsidiary of Norwegian telecom giant Telenor ASA, has 44 million subscribers.