MOSCOW, October 17 (RIA Novosti) - Golden Telecom [NASDAQ: GLDN] will invest $10 million to build a broadband wireless Internet network in Moscow, the company's chief executive said Tuesday.
Jean-Pierre Vandromme said Golden Telecom planned to start providing Wi-Fi services as of January 15, 2007.
Vandromme said Golden Telecom, which provides integrated telecom and Internet services in the major cities of Russia and the Commonwealth of Independent States, a loose association of former Soviet republics, expects to corner 15-20% of Moscow's Wi-Fi market.
According to Vandromme, the number of Wi-Fi users in Moscow will total 2-2.5 million by 2010-2011, of which 300,000-400,000 will be Golden Telecom clients.
Vandromme said Golden Telecom expected to charge not more than $50 a month per subscriber for its Wi-Fi services.
