NORWAY-BASED TELENOR GROUP MAKES THE FIRST INVESTMENT OF RS 1,250 CRORE IN UNITECH WIRELESS THAT GIVES IT A STAKE OF 33.5% IN THE TELECOM JV

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Marking its formal entry into the world’s fastest growing wireless market, Norway-based Telenor Group has said that it has completed the first stage of the Unitech Wireless transaction. The company has made the first investment of Rs 1,250 crore that gives it a stake of 33.5% in the telecom JV. Telenor will inject a total of Rs 6,120 crore of new equity into Unitech Wireless for 67.25% stake in the firm. Telenor’s remaining investment of Rs 4,870 crore will be completed in three tranches during 2009. “This marks the formal entry of Telenor into the world’s fastest growing mobile market and we are now embarking on an operational phase and the preparations for the launch of our services,” Telenor Group president Jon Fredrik Baksaas said. Unitech Wireless has recently entered into towersharing agreements with Wireless-TT Info Service Ltd (Tata Teleservices’ tower company) and Quippo Telecom which was one of the pre-conditions to close the deal.

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