Telenor stake in Unitech Wireless to increase to 67.25%

17 Mar 2009

Norwegian telecoms group Telenor will now grab a 67.25% stake in Indian cellco Unitech Wireless, Reuters reports. Initially Telenor had been expected to take a 60% stake, and it is understood that the sale will be completed by the end of 2009. Telenor will still make the original investment figure of USD1.2 billion, with the increase in stake coming due to changing economic conditions. Telenor spokesman Paal Kvalheim noted, ‘As part of the closing negotiations we agreed to increase our ownership share, largely due to the macroeconomic development since the deal was made. The ownership share will increase from 60% to 67.25% for the same capital injection.’ The first phase of investment, in which Telenor will claim a 33.5% share of ownership, is expected to be completed shortly.

India, Telenor Group