Telenor gets nod to hike unitech stake

The Cabinet Committee on Economic Affairs (CCEA) on Monday gave its approval to Unitech Wireless (Tamil Nadu) to enhance foreign shareholding by Norway-based Telenor Asia to up to 74% (initially to 67.25%).

The Cabinet Committee on Economic Affairs (CCEA) on Monday gave its approval to Unitech Wireless (Tamil Nadu) to enhance foreign shareholding by Norway-based Telenor Asia to up to 74% (initially to 67.25%).

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Unitech Wireless is a joint venture company of Unitech Ltd and the Norway-based Telenor Group. The company holds a pan-India UAS license to offer mobile telephony services in each of 22 circles.

Stein-Erik Vellan, MD, Unitech Wireless, welcomed the CCEA decision and said: “While we await details and formal communication from the government, we welcome the CCEA’s decision. We are on track to launch our services in the country by this year-end.”

The company has received spectrum to roll out services in 21 of the 22 circles.