Unitech Wireless offloads 60 percent stake in Norwegian firm

Friday, 31 October 2008, 03:44 Hrs
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New Delhi: Norwegian telecom giant Telenor has picked up a controlling 60 percent stake in Unitech Wireless, the telecom arm of real estate major Unitech Ltd.

In a regulatory statement Wednesday, Unitech said Telenor will invest about 61.2 billion (6,120 crore) in Unitech Wireless, thereby resulting in an enterprise value - the market worth of a company - of 116.20 billion (11,620 crore).

Unitech Wireless has a pan-India licence for 22 telecom circles and plans to launch its services next year.

Telenor has operations in Pakistan and Bangladesh and is the second largest non-Asian operator in Asia after Vodafone.

The Unitech Group is the country's leading real estate developer with operations across India.
Source: IANS
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