India's telecom regulator said that he expected the industry to invest a further $12 billion (EUR 9.6 billion) to reach a target of 100 million mobile phone subscribers by December 2005. Pradip Baijal, chairman of the Telecom Regulatory Authority of India, said the bulk of the investment should come from recent entrants to the cellular phone market, who have been allowed into the industry without having to pay for expensive licences. In return, existing cellular operators are being compensated with $212 million of licence fee cuts, according to the Financial Times.
