ER-Telecom to invest in new broadband and TV networks

Russian service provider ER-Telecom has announced plans to invest over US$125m (€90m) in a network covering St Petersburg between now and 2014, according to local reports.

The company will begin providing services over its network in the city at the end of this year, with the aim of reaching about 1.6 million apartments (or 85% of households) within the next two years, according to the reports.

CEO Andrei Semerikov said that the company planned to invest over US$500m across the country, with an ambition to take a 20% market share of the broadband and cable TV business.