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Unitech sells 60% telecom stake to Telenor for Rs6,120 cr

Unitech sells 60% telecom stake to Telenor for Rs6,120 cr
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First Published: Wed, Oct 29 2008. 01 52 PM IST
Updated: Wed, Oct 29 2008. 01 52 PM IST
PTI
New Delhi: Real estate major Unitech today announced selling of 60% stake in its telecom venture for Rs6,120 crore ($1.23 billion) to Norway-based Telenor, which has mobile operations in 12 countries with 160 million subscribers.
Unitech was awarded pan-India mobile telecom license for Rs1,651 crore early this year and has got GSM spectrum in 13 circles. The company plans to launch services in the first half of 2009.
“This is a landmark deal. At a time when lot of foreign exchange is outflowing, this deal will bring in much needed foreign exchange into the country,” Unitech’s telecom venture Chairman Sanjay Chandra told PTI.
The deal has put the enterprise value of Unitech’s telecom business at a whopping Rs11,620 crore ($2.35 billion), he said adding the company would now start the process of rolling out network through out the country.
Telenor, world’s seventh largest mobile operator has operations in Europe and Asian countries, including 100% subsidiary in Pakistan.
This is the second deal among the new GSM operators. Earlier, Swan Telecom with license for 13 circles had sold 45% stake to UAE-based Etisalat for $900 million.
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First Published: Wed, Oct 29 2008. 01 52 PM IST