Unitech Wireless secures 5,000 Crore SBI loan

Wednesday, 19 August 2009, 14:15 IST   |    3 Comments
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New Delhi: Unitech Wireless has secured a loan of 5,000 crore (about $1 billion) from State Bank of India (SBI) to fund its mobile network rollout, the company said Tuesday. Unitech Wireless is a joint venture between Norwegian telecom giant Telenor and real estate major Unitech. Unitech plans to roll out its services by December and has partnered with companies such as Wireless-TT Info Service Ltd, Quippo Telecom Infrastructure, Alcatel-Lucent, Wipro and Huawei Technologies India for infrastructure and managed services. The company had sought the government's approval to raise its foreign shareholding to 75 percent. But the government Tuesday deferred a decision on it. Telenor currently has 67.25 percent stake in the joint venture.
Source: IANS