Telenor to buy higher stake in Unitech's wireless arm

Norwegian telecom major Telenor said that it plans to buy a higher stake in India's Unitech Wireless than it had earlier envisaged. While Telenor's initial investment under the agreement will continue to be the previously agreed Rs61.2bn, its stake would rise to 67.25% in Unitech Wireless (subject to regulatory approval), up from a previously planned 60%. Upon completion of the first phase of the investment, Telenor's ownership percentage will be 33.50%. The transaction, and the first phase of investment will be completed shortly, as the closing formalities related thereto have been finalised, Telenor said. On October 28, Telenor executed an agreement to acquire a controlling interest in Unitech Wireless, through subscription for new shares. The subscription for new shares in Unitech Wireless will, as previously announced, be completed in four phases. Telenor and Unitech have agreed to proceed with completion of the transaction with certain adjustments.