Telenor to have greater stake in Unitech Wireless

March 17th, 2009 - 4:17 pm ICT by IANS  

Mumbai, March 17 (IANS) Norwegian telecom major Telenor Tuesday said it will take 67.25 percent stake in Unitech Wireless, up from the previously stated 60 percent, for Rs.61.2 billion investment.
“While Telenor’s initial investment under the agreement will continue to be the previously agreed Rs.61.2 billion ($1.2 billion), it has been agreed that Telenor, after this investment, would be holding 67.25 percent in Unitech Wireless,” Unitech said in a regulatory filing.

“Upon completion of the first phase of the investment, Telenor’s ownership percentage will be 33.5 percent,” the statement added.

Realty major Unitech in October entered into an agreement with Telenor to invest over Rs.61.2 billion in Unitech Wireless for 60 percent equity stake.

Unitech successfully bid for 2G spectrum in February 2008 for 22 telecom circles in India.

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