Malaysia's top mobile operator Maxis Communications has raised its capital expenditure budget to RM15 billion to grow its existing markets, reports said.

Maxis chief executive Jamaludin Ibrahim said the investment amount is for its operations in Malaysia, Indonesia and India over the next three years, and excludes new ventures.

"On an annual basis, we are going to spend about three to five times more than before," Jamaludin was quoted saying by state news agency Bernama late Tuesday.

He said Maxis has allocated RM2.5 billion to RM3.5 billion to upgrade its third generation (3G) network and broadband services in Malaysia.

For India, around RM5 billion to RM7 billion will be used for 2G and to expand coverage while in Indonesia some RM3 billion to RM5 billion will be invested on both 2G and 3G as well as coverage.

Maxis has a 74 percent stake in Indian mobile operator Aircel, which it acquired last year. Last month, it raised its interest in Indonesian mobile firm PT Natrindo Telepon Seluler to 95 percent after buying 51 percent in 2005.

Biggest buy-out deal

Earlier this month, Maxis' major shareholder tycoon Ananda Krishnan announced plans to privatise the company in a RM16.4 billion buy-out.

Binariang GSM, the vehicle used for the exercise, said Maxis planned to make substantial investments to expand overseas and by taking full control, would have greater flexibility to manage its capital expenditure.

Binariang is aiming to acquire 41 percent of Maxis, or 1.037 billion shares not already owned by Ananda and his associates.

At an offer price of RM15.60 per Maxis share or a total of RM16.4 billion, the privatisation has been hailed as Malaysia's largest buy-out deal.

According to the Bernama report, Jamaludin said Maxis is looking to expand into countries in Asia where the markets have not been saturated with too many players.