Telecom is very capital intensive business. With current competition payback time for new entrants can be as long as 5 years. Would advise to invest in companies which are Pan India leaders in the space such as Bharti Airtel, Vodafone (not listed in India) or Idea.

Future revenue growth is expected to be mainly from data services as voice call is becoming cheaper. If you can keep these factors in mind and of course the valuation then investing could be very fruitful.

Self Declaration:- I am a telecom engineer and may have personal interests, so take care.