The Telenor Group today announced that it has placed the third round of investment of INR 14.9 billion into Uninor, taking its ownership up to 60.11%. Prior to this, Telenor has made two transactions, investing a total of INR 41.1 billion.
“This third investment will as the earlier transactions provide Uninor with working capital to fund the roll out of services across India ,” said Mr. Sigve Brekke, Executive Vice President, and Head of Telenor Group Asian Operations. “Following the successful launch of Uninor services in 8 circles in December 2009, I am confident that Uninor will make a significant impact in the Indian market.”
“The additional investment will allow Uninor to proceed as per the business plan and successfully expand operations in India . Our shareholders stand confident and committed to the venture,” said Stein-Erik Vellan, Managing Director of Uninor.
This investment follows the Cabinet Committee on Economic Affairs (CCEA) approval in October 2009 allowing Uninor to increase foreign shareholding up to 74%. Following this third investment, Telenor Group’s ownership stake will increase to 60.11 percent.
Telenor Group will complete remaining investment through a fourth and final transaction increasing its ownership stake in Uninor to a total of 67.25 per cent.