Lithuania’s Init group, whose interests include the cable companies Vinita, Palsatas and Teletronica, plans to invest LTL50 million (€14.47 million) on new technology, modernising equipment and network development following its reorganisation.
Quoted by VZ, Paulius Zivatkauskas, the company’s founder and CEO, said that the Lithuanian cable industry is now growing as a result of foreign investment.
As a result, Init will have to invest heavily to maintain its position it what is an increasingly competitive marketplace.
Init’s ownership structure will remain unchanged following its reorganisation.