CCEA to rule on Telenor’s stake hike plans in Unitech

4 Sep 2009

The Indian Cabinet Committee on Economic Affairs (CCEA) will rule on Norwegian telecom group Telenor’s plan to increase its stake in yet-to-launch mobile operator Unitech Wireless, Bloomberg reports. The cabinet has been brought into the matter after India’s Foreign Investment Promotion Board (FIPB) said that, as the planned level of investment is INR37.4 billion (USD765 million), this was above a threshold level of INR6 billion, and therefore had to be considered by the cabinet. No date for the cabinet’s meeting to discuss the proposal has been announced. Telenor, which already holds a 49% stake in Unitech Wireless, is planning to increase its stake to 74% in a four step investment plan, which it hopes to have completed by the end of the year.

India, Telenor Group, Telenor India