November 21, 2019 / 1:11 PM / 16 days ago

Slim to invest $7.8 billion in Brazil, urges changes in 5G auction: report

FILE PHOTO: The logo of America Movill is seen on the wall at the company's corporate offices in Mexico City, Mexico March 14, 2018. REUTERS/Carlos Jasso

SAO PAULO (Reuters) - The Brazilian subsidiary of Mexico’s America Movil SAB de CV will invest $7.8 billion over the next three years, Carlos Slim Domit, son of billionaire Mexican businessman Carlos Slim, said in a meeting on Wednesday with Brazilian President Jair Bolsonaro, according to the Folha de S. Paulo newspaper.

Slim Domit also complained about the rules for the first auction of 5G frequencies in Brazil, expected for the second half of 2020, Folha reported.

Jose Felix, chief executive of America Movil’s subsidiary Claro Brasil, and other group executives were also present at the meeting. Domit said the investment over the next three years refers to investment in the 4G network.

Slim Domit said America Movil plans to participate in the auction, although he criticized some of the rules the Brazilian telecom regulator Anatel has suggested for the bids. The final rules for the auction have not yet been defined.

In a statement, Claro press representatives said the company wants all bidders in the 5G auction to be treated equally and confirmed the capital expenditures expected for the next years in 4G networks.

Reporting by Tatiana Bautzer; Editing by Bernadette Baum and Jonathan Oatis

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