Telecom Italia may put $2 bn in Indian telco-paper

Telecom Italia may put $2 bn in Indian telco-paper

New Delhi: Telecom Italia is close to reaching a deal to invest $2 billion (Rs9,200 crore) for a 49% holding in a telecoms venture of Indian realty Unitech, the Economic Times said on Thursday.

Citing an unidentified executive of the Indian firm, the newspaper said Unitech would transfer its telecom business to a new company, in which it will hold the remaining 51%.

Unitech has licences to provide telecoms services in all of India’s 22 service areas, but is yet to start operations. In July, managing director Sanjay Chandra said the firm wanted to finalize a foreign partner in two months.

A spokesman for Unitech declined comment on the newspaper report.

India permits foreign firms to own a maximum of 74% in a telecoms firm.