Telenor has finalised the Unitech Wireless transaction
Fornebu
2 minute read
The Telenor Group today announced that it has completed the Unitech Wireless transaction and made its first investment of INR 12.5 billion (approx. USD 250 million). Following this investment, Telenor's ownership stake in Unitech Wireless is 33.5 per cent.
As previously announced, Telenor will inject a total of INR 61.2 billion (approx. USD 1.2 billion) of new equity into Unitech Wireless, which will result in a shareholding of 67.25 per cent (subject to regulatory approval). Telenor's remaining investment of INR 48.7 billion (approx. USD 970 million) will be completed in three tranches during 2009.
"This marks the formal entry of Telenor into the world's fastest growing mobile market and we are now embarking on an operational phase and the preparations for the launch of our services," said Telenor Group President and CEO, Jon Fredrik Baksaas.
During last year, the total number of mobile connections in India increased by more than 100 million. To take part in this continuing growth, Telenor will focus on a cost-efficient, swift and flexible network roll-out to optimise profitability. Unitech Wireless has recently entered into tower sharing agreements with Wireless-TT Info Service Limited (Tata Teleservices' tower company) and Quippo Telecom Infrastructure Limited, ensuring access to thousands of antenna sites at a reduced cost.
"We are looking forward to take a key role in developing a new Indian mobile operator, leveraging on our track record from providing mobile services to people in emerging and fast-growing markets," continued Baksaas.
https://www.telenor.com/en/news-and-media/in-focus/india/
Pål Kvalheim, Vice President Communications, Telenor Group
Phone: (+47) 970 44 970, E-mail: pal.kvalheim@telenor.com
Esben Tuman, Communications Manager, Telenor Asia
Phone (+66) 859 184 111, E-mail: esben.tuman@telenor.com
"This marks the formal entry of Telenor into the world's fastest growing mobile market and we are now embarking on an operational phase and the preparations for the launch of our services," said Telenor Group President and CEO, Jon Fredrik Baksaas.
During last year, the total number of mobile connections in India increased by more than 100 million. To take part in this continuing growth, Telenor will focus on a cost-efficient, swift and flexible network roll-out to optimise profitability. Unitech Wireless has recently entered into tower sharing agreements with Wireless-TT Info Service Limited (Tata Teleservices' tower company) and Quippo Telecom Infrastructure Limited, ensuring access to thousands of antenna sites at a reduced cost.
"We are looking forward to take a key role in developing a new Indian mobile operator, leveraging on our track record from providing mobile services to people in emerging and fast-growing markets," continued Baksaas.
More information about Telenor in India:
https://www.telenor.com/en/news-and-media/in-focus/india/
For further information, please contact
Pål Kvalheim, Vice President Communications, Telenor Group
Phone: (+47) 970 44 970, E-mail: pal.kvalheim@telenor.com
Esben Tuman, Communications Manager, Telenor Asia
Phone (+66) 859 184 111, E-mail: esben.tuman@telenor.com