Hutch does not require further 3G funding in Oz

15 Jan 2003

Hutchison Telecommunications (Australia) has said that it does not need an injection of cash to be able to launch 3G services this quarter. The cellco, which is 58%-owned by Hong Kong-based Hutchison Whampoa, is the only operator in Australia currently building a 3G network, with market leader Telstra planning to offer high speed mobile data products over its existing network. Hutch aims to invest a total of AUD3 billion (USD1.8 billion) in its 3G rollout in Australia and has already raised AUD1 billion for network build. The company has conceded that it will look at raising the additional AUD2 billion in the longer term.