ECONOMY

Cosmorom needs big investment

BUCHAREST (Reuters) – Romania’s ailing mobile phone firm Cosmorom needs an investment of 100-150 million euros if it is to be a competitive force, Communication Minister Dan Nica said yesterday. «It needs between 100-150 million euros for development. Cosmorom has problems with its network coverage,» Nica told reporters. He said Cosmorom, an arm of fixed-line carrier Romtelecom, which is owned by Greece’s OTE, currently covered around 56 percent of the country, which was less than the 80 percent it needed to be competitive. Cosmorom, which has less than 2 percent share of the Romanian market, has liabilities of around 190 million euros. OTE officials have said they were considering shutting it down while keeping the license.