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Unitech-Telenor deal to be over by Jan ’09

Unitech-Telenor deal to be over by Jan ’09
PTI
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First Published: Fri, Dec 26 2008. 03 27 PM IST
Updated: Fri, Dec 26 2008. 03 27 PM IST
Mumbai: Realty major Unitech on Friday said completion of its deal with the world’s seventh largest mobile operator, Telenor, will be delayed by about a month to January 2009.
“Unitech Group and its partner, Telenor, anticipate that not all conditions for closing will be fulfilled before December 2008. Both the parties thus expect to close the transaction during January 2009,” Unitech said in a filing to the Bombay Stock Exchange.
Earlier in October, Unitech had announced the selling of 60% stake in its telecom venture Unitech Wireless for Rs6,120 crore ($1.23 billion) to Telenor.
“The company signed a binding agreement with Telenor on 28 October and are now completing all the formalities. Both the parties have made significant progress on the transaction,” the company said.
Unitech Wireless has pan-India telecom licences in all 22 circles and plan to launch its services in first half of 2009. The company was awarded pan-India mobile telecom licence for Rs1,651 crore early this year and has got GSM spectrum in 13 circles.
The Oslo-headquartered company, Telenor, is a global provider of high quality telecommunications, data and media communication services. Fifty-four per cent of it is owned by Ministry of Industry and Trade, Norway. It has operations in Europe and Asian countries.
Shares of Unitech were trading at Rs37.75, up 1.75% on the BSE.
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First Published: Fri, Dec 26 2008. 03 27 PM IST
More Topics: Unitech | Telenor | eclecom | Technology | Contract |