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An IPO of Reliance Infocomm, the telecom subsidiary of Indian conglomerate Reliance Industries is to be launched at the end of 2005, or in early 2006, Reuters reports. Infocomm, which has the largest mobile operation in India, expects to have nearly 20 million subscribers by the end of 2005, thanks to the rollout of new services in 3,900 towns and cities. It currently has around nine million subscribers. India's population is over one billion, so mobile penetration is still relatively low. Between January 2003 and June 2004, the total number of mobile subscribers in India grew from 12 million to 37 million.