Recent reports about the expansion plans in the Eastern Europe with the largest shareholder Carlos Slim have been denied by Telekom Austria. Slim, the world's richest man as rated by Forbes, was 23% shareholder in the firm last year.

The leading telecom operator of the country operates successfully in seven other countries of central and Eastern Europe. Recently, a local newspaper reported that the companies is planning for expansion to Eastern Europe and was putting together a new holding company to fund more expansion in Eastern Europe.

However, in the company's annual general meeting, Rudolf Kemler denied the reports saying that company didn't have any such plans.

Hannes Ametsreiter, the Chief Executive of Telekom Austria, said that the firm was presently looking forward towards the synergies with America Movil as well as KPN for wholesale purchasing or network backbones. But he didn't provide any details for the same.

"We'll have more to say about that in due course. These are rough times for telecom operators in Europe", said Ametsreiter. Further, he avowed that competition has remained hard in spite of the Austrian mobile market's strength.

It expected that the company will face a revenue drop from 4.3 billion euros in the last year to 4.1 billion euros in the present year.