Telenor hikes stake in Unitech to 60.1 per cent
08 Jan 2010
Norwegian telecom operator Telenor has hiked its stake to 60.1 per cent in its Indian joint venture with Unitech Wireless from 49 per cent earlier, paying Rs1,493 crore for the extra 11.1 per cent stake.
Unitech Wireless, which was founded by Indian realty firm Unitech Ltd, said in a statement today that it got the money on Thursday as part of a plan that would eventually give Telenor 67.25 per cent in the JV.
In December, Unitech Wireless launched mobile phone services in seven of India's 22 telecom zones under the Uninor brand. The company holds telecom licences for all of India, and is aiming for 8 per cent of the Indian mobile market by 2018.
Taking into account 33.5 per cent stake bought by Telenor in the first phase by investing Rs1,250 crore and another Rs1,130 crore for a further 15.5 per cent stake, the total stake of Telenor in Unitech Wireless would be 60.1 per cent of the total issue and paid-up equity share capital, Unitech said in a filing with the Bombay Stock Exchange.