Vodafone will invest $3 billion (Rs 18,605 crore) in India over the next two years which is company’s 15 per cent of global investment.

Speaking to journalists Vodafone Group CEO, Vittorio Colao that proposed investment would exclude the expenditure for buying spectrum in India.

He said that the proposed investment would be for network expansion, rural coverage and in enhancing data coverage.

On the tax dispute in India Colao said that it was in no way upsetting its investment plans here.

Recently Vodafone sought the permission of Foreign Investment Permission Board (FIPB) to raise its stake in Vodafone India from 74 per cent to 100 per cent.

Vodafone holds about 64 percent of Vodafone India, while 25 percent is controlled by undisclosed minority shareholders. Analjit Singh holds 6.24 per cent stake in Vodafone India while billionaire industrialist Ajay Piramal holds 11 percent stake.

Colao refused to comment on merger and acquisition (M&A) in India as the government gives shape to an M&A policy, he said the company would look into opportunities in future.

Last month Vodafone said that it would invest 7 billion pounds to expand businesses in key European and emerging markets.

Vodafone had struck a huge $130-billion deal to sell its US joint-venture stake to partner Verizon.

Part of the proceeds from the deal will be used to improve network quality and speed across Europe.