Telenor to own 67pc stake in Unitech Wireless

MUMBAI, INDIA: Norwegian-based telecom major Telenor announced that it would own 67.25 percent stake in Unitech Wireless, up from the previously stated 60 percent, for Rs.61.2 billion investment. Realty major Unitech entered into an agreement with Telenor in October to invest over Rs.61.2 billion in Unitech Wireless for 60 percent equity stake.

Upon completion of the first phase of the investment, Telenor's ownership percentage would be 33.5 percent. While Telenor's initial investment under the agreement would continue to be the previously agreed Rs.61.2 billion ($1.2 billion), it had been agreed that Telenor, after this investment, would hold 67.25 percent in Unitech Wireless.

Source: India PR Wire