Telenor ups stake in Unitech Wireless to 60.1%

Telenor ups stake in Unitech Wireless to 60.1%

New Delhi: Norway’s Telenor has put Rs1, 493 crore ($327 million) in its third round of investment in telecom firm Unitech Wireless, taking its holding to 60.1%.

Telenor, which has agreed to take a total 67.25% stake in Unitech Wireless that founded by realty Unitech Ltd, will complete the remaining investment through a fourth and final transaction, it said in a statement.

“This third investment will, as the earlier transactions, provide Uninor with working capital to fund the roll out of services across India," Sigve Brekke, head of Telenor Group’s Asian operations said in the statement.

Cabinet in October, which has allowed the maximum permissible 74% foreign holding in Unitech Wireless.

Unitech Wireless launched mobile phone services in December under the Uninor brand and now has operations in eight of India’s 22 telecom zones. It holds telecom licences for all of India, and is aiming for 8% of the Indian mobile market by 2018.

India is currently the world’s fastest-growing and the second-largest wireless market with more than 500 million users.