Norwegian telecoms group Telenor has picked up a further 11.1% stake in Indian mobile network operator Unitech Wireless, the Business Standard reports. The acquisition, the third tranche of a four-step investment plan, cost Telenor INR14.9 billion (USD325.79 million) with Unitech issuing fresh shares to enable the purchase. Following this latest investment in the cellco Telenor has now spent approximately INR41 billion on its holding in Unitech, with the latest tranche bringing its overall stake to 60.1%. On completion of the third and fourth investment tranches, expected by the end of 1Q 2010, Telenor’s stake in Unitech Wireless will rise to 74%.
According to TeleGeography’s GlobalComms Database, Unitech, which operates under the Uninor banner, launched commercial services in December 2009 in seven circles; Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Uttar Pradesh East, Uttar Pradesh West and Bihar.