Telenor allowed to hold up to 74 per cent in Unitech Wireless
19 Oct 2009
The cabinet committee on economic affairs (CCEA) today gave its approval to Unitech Wireless (Tamilnadu) private limited to raise foreign investment in the company by Telenor Asia Pte Ltd, Singapore up to 74 per cent.
Telenor will initially raise its shareholding in Unitech Wireless to 67.25 per cent by investing Rs3,740 crore in each of the licensee companies, viz, Unitech Wireless (Tamilnadu) Private Limited, Unitech Wireless (North) Private Limited, Unitech Wireless (South) Private Limited, Unitech Wireless (Kolkata) Private Limited, Unitech Wireless (Delhi) Private Limited, Unitech Wireless (East) Private Limited, Unitech Wireless (Mumbai) Private Limited and Unitech Wireless (West) Private Limited.
Subject to the conditions recommended by the foreign investment promotion board (FIPB), Telenor can hold direct and indirect stake in Unitech Wireless of up to 74 per cent.
The approval would result in FDI amounting to Rs3740 crore in the country, the release said.
