George Soros will inject R$500mi ($150mi) into the development of the 4G market in Brazil. The announcement was made this week, as his company On Telecom began offering internet access packages in São Paulo.
On Telecom's president and majority shareholder, Zaki Rakib, told journalists during a press conference that the total amount invested by Soros in the company will be R$500mi ($150mi) in the next three years and that a part of the capital has already been spent.
Rakib has been quoted as saying that the Hungarian multimillionaire believes in the growth of the Brazilian 4G market and that his firm and Soros have long-term investment plans for the country.
Last year, On Telecom bought Sunrise Telecommunications, a specialist firm focusing on 4G technology, also in partnership with Soros.
The initial offering
Even though On Telecom is formally able to fully exploit the 4G market, the company is starting its sales operation with 4G LTE "fixed" residential broadband services.
The company is offering packages with data allowances of 10GB, 30GB and 100GB, with the most expensive option costing users R$170 ($75) per month.
Initially, On Telecom will limit its operation to the São Paulo countryside cities of Itatiba, Campinas, Valinhos, Vinhedo and Louveira.
The company has identified other 133 cities that will be receiving the services over the next few months, including Piracicaba, São José dos Campos and São Carlos - also located in the state of São Paulo.