Business Daily from THE HINDU group of publications
Tuesday, Oct 20, 2009
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Business Daily from THE HINDU group of publications Tuesday, Oct 20, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Mergers & Acquisitions Telenor gets nod to raise stake in Unitech Wireless Our Bureau New Delhi, Oct. 19 The Cabinet Committee on Economic Affairs (CCEA) on Monday gave its approval for the Norway-based Telenor to take up to 74 per cent stake in Unitech Wireless. Telenor and Unitech have an agreement whereby the Norwegian company can pick up a maximum of 67.25 per cent in Unitech Wireless. At present, Telenor has 49 per cent stake in Unitech and had to get approval from the CCEA to raise its stake. The approval from CCEA will result in a foreign direct investment of up to Rs 3,740 crore. In August, Telenor had obtained Foreign Investment Promotion Board approval to enhance stake to 74 per cent. According to the norms, all foreign investments over $600 million (over Rs 2,800 crore) must be approved by the CCEA. Telenor had paid Rs 1,250 crore in March and Rs 1,130 crore in May to acquire 49 per cent equity in the joint venture. Telenor will invest Rs 6,120 crore for 67.25 per cent stake. The company plans to start services in December under the Uninor brand. “We understand from the CCEA’s press release that Unitech Wireless’ application to increase foreign shareholding up to 74 per cent has been approved by the CCEA. While we await details and formal communication from the Government, we welcome the CCEA’s decision to allow further investment by the Telenor Group into the joint venture. We are currently focused and on track to launch our services in the country by the end of this year,” said Mr Stein-Erik Vellan, Managing Director, Uninor. Telenor hikes stake in Unitech Wireless to 49% Telenor injects Rs 1,250 cr in Unitech Wireless Telenor to fund Unitech stake buy via cash, debt More Stories on : Mergers & Acquisitions | Telecommunications
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