FIPB postpones verdict on Telenor’s increased stake in Unitech

9 Jun 2009

India’s Foreign Investment Promotion Board (FIPB) has delayed its decision on whether Norwegian telecoms group Telenor will be allowed to increase its stake in new mobile operator Unitech Wireless, the Business Standard reports. The postponement after the Ministry of Home Affairs called for more time to examine the deal, in which Telenor is looking to boost its holding in Unitech to 74%. Telenor has already acquired a 49% stake in the cellco, but it is now waiting for the go-ahead from the FIPB to increase this to 67%, the third stage of a four-stage investment strategy in Unitech. Telenor expects to complete the deal by the end of 2009.

India, Telenor Group, Telenor India