May 19, 2010 / 3:05 PM / 9 years ago

Telefonica to spend $2.8 bln in Brazil this year

MADRID, May 19 (Reuters) - Spain’s Telefonica (TEF.MC) plans to invest around 5 billion Brazilian reales ($2.78 billion) in fixed and mobile telecommunications in Brazil this year, Telefonica’s head in Latin America Jose Maria Alvarez Pallete said on Wednesday.

This is around 50 percent more than the company’s investment last year in Brazil, one of its main engines of growth.

Telefonica controls fixed operator Telesp TLPP4.SA in Brazil and has shared control of mobile operator Vivo VIVO4.SA with Portugal Telecom PTC.LS.

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