Telenor acquires further stake in Unitech Wireless

Uninor, the joint venture between Unitech and Telenor, announced that it has received the fourth and final round of the planned fresh equity investment from the Telenor Group. With this, the Telenor Group has invested a total of Rs61.35bn of new equity into the company, taking its ownership to 67.25%, as per the shareholders' agreement. The Cabinet Committee on Economic Affairs (CCEA) had approved Uninor's application to increase its foreign shareholding up to 74% in 2009. Uninor aims at achieving EBITDA break-even within 3 years and Operating Cash Flow break-even within 5 years of launch of operations and a market share of 8% by 2018.