Telenor stake increase in Unitech close to approval

25 Aug 2009

India’s Economic Times is reporting that the Foreign Investment Promotion Board (FIPB) has cleared proposals from Norwegian telecoms group Telenor to increase its stake in mobile operator Unitech Wireless. Telenor revealed its intention to increase its holding to 74% earlier this year, but has been held up following investigations into the proposals by both the FIPB and the Ministry of Home Affairs (MHA). However, Livemint.com claims that the Norwegian group has not yet received any formal communication regarding the FIPB’s decision, citing comments from Telenor spokesman, Glenn Mandelid. Telenor currently holds a 49% stake in the yet-to-launch cellco, and it hopes to increase this is in two further stages to 64% and 79% respectively.

India, Telenor Group, Telenor India