Approval of Unitech Wireless' application to increase foreign shareholding announced

Press release
1 minute read
The Indian Cabinet Committee of Economic Affairs (CCEA) today announced that Unitech Wireless' application to increase its foreign shareholding up to 74% has been approved. The application was earlier approved by the Foreign Investment Promotion Board (FIPB) on 21 August 2009.
"Telenor Group has been optimistic of a favourable outcome that allows us to increase our holding in Unitech Wireless. We welcome the announcement from the CCEA, and will await the formal communication before we finalize the process of increasing our stake to 67.25%", said Sigve Brekke, Executive Vice President of the Telenor Group and Head of Telenor Asia.

Unitech Wireless is owned by the Telenor Group and Unitech Ltd. At present, the Telenor Group has invested INR 26.2 billion (NOK 3.2 billion) through subscription for new shares to hold a 49% stake in the company. The formal approval will allow the Telenor Group to increase its investments to INR 61.2 billion to hold 67.25%, as agreed between the two shareholders.

Uninor new name in India

On 23 September, Unitech Wireless announced that its services will be named Uninor. The Uninor name follows Telenor Group's brand strategy, and will leverage from its established marketing and design framework.