ISLAMABAD, July 26: Warid Telecom will invest over $150 million and provide employment to about 400 people before initiating telecom services in the country, said chief operating officer Hamid Farooq.

The size of investment and employees strength will increase with the passage of time and in accordance with the requirement, he said. Mr Farooq was addressing a press conference after the award of long distance international (LDI) licence by the Pakistan Telecommunication Authority here on Monday.

He said the company planned to launch LDI (fixed line phone) and mobile phone services from October this year and May 2005, respectively. He said the equipment to initiate LDI services had already reached and hoped that installation work would start within a few days.

Mr Farooq said with the introduction of new telecom operators, additional competition in the sector would drive the rates down and the people would be able to avail of increased coverage and better services at affordable and competitive prices.

At present four operators (two GSM and two AMPS) are already providing services to cellular subscribers. The PTA awarded mobile licences to Warid Telecom and Telenor which offered highest bid of $291 million each in an open bidding. The PTA has also issued LDI and fixed local loop (FLL) licences to provide fixed-line telecom services in the country. -APP