Vodafone Idea (Vi) CEO Akshaya Moondra has told the company’s nearly 220 million customers that upcoming investments will focus on the expansion of 4G services and roll out of 5G and that the telco’s recently concluded ₹18,000-crore follow-on public offer (FPO), subscribed seven times, is a significant milestone.

“We are ready for a new chapter of growth and innovation that is empowered by our state-of-the-art network, advanced technology, and unwavering commitment towards customer satisfaction,” Moondra wrote in a mass communication to Vi customers Friday.

He added that Vi’s upcoming investments in expanding 4G and rolling out 5G services with the latest technology would ensure the telco continues to deliver the service quality that customers expect.

ET recently reported that Vi has expedited talks with European network gear vendors Nokia and Ericsson to upgrade its 4G network with purchase orders (POs) likely by June-July that may even include some initial 5G contracts.

The telecom joint venture between UK’s Vodafone Plc and India’s Aditya Birla Group has already said that out of the ₹18,000 crore raised via the FPO, over ₹12,000 crore has been set aside for 4G expansion and 5G roll outs. Of this, ₹5,720 crore will go towards 5G roll outs with 4G expansion being an immediate priority for the telco.

In his letter to Vi customers, Moondra added that the success of the company’s FPO is “testimony to the trust and confidence” that investors have reposed in the telco’s brand.

Shares of Vi closed 0.5% higher at ₹12.73 on the BSE Friday.

Moondra added that Vi had also been ranked highly on voice quality by the telecom regulator and on fast data speeds by independent agencies.