MILAN: Italian phone company Telecom Italia will invest 9 billion euros over the next three years to develop its business in Italy, Chief Executive Franco Bernabe' said in an interview on Thursday with La Stampa newspaper.

Debt reduction remains the company's top priority, Bernabe' said. On Wednesday, the company confirmed its target of reducing its debt to 27.5 billion euros in 2012.

Telecom Italia said on Wednesday it plans to sell its La7 television station. Asked when he sees the sale closing, Bernabe' said "within a reasonable time period." He provided no information about potential buyers.