Telenor Ups Stake In Unitech Wireless to 60%

By January 8th, 2010 AT 3:32 PM

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.

8
Leave a Reply

avatar
Photo and Image Files
 
 
 
8 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
8 Comment authors
FahadSuchisuvra SenAvi HAgnivos Recent comment authors
newest oldest most voted
Fahad
Fahad

Uninor is waiting for the right time…act. It is a mind game guys that they launched in dec. Knwng abt mnp…m sure they are havng sumthng dif. In thr box…bt they shud atleast waive off ths nonsense daily rent.

Suchisuvra Sen
Suchisuvra Sen

When they do launch in Kolkata????????????

Recent Posts

Microsoft Starts Notifying Windows 7 Users About the Expiry

Microsoft is rolling out a notification update to existing Windows 7 users, informing them that the software giant is pulling...

Recommended Packs by DTH Operators Prove to Be Affordable Than Individual Channels After Trai Mandate

The deadline is approaching for the consumers to select channel packs under the new tariff mandate introduced by the Telecom...

BSNL IPL 2019 Plans of Rs 199 and Rs 499 With Daily Data Benefit Introduced for Prepaid Users

The Indian Premier League (2019) will be kickstarting today. Ahead of the popular Cricket tournament amongst Indian users, government-owned telecom...