Telenor, the Norway-based communications and IT company has acquired 33.5 per cent in Unitech Wireless today upon the completion of its first phase of investment.
Unitech Wireless is promoted by Delhi-based realty group Unitech.
Telenor and Unitech have agreed to proceed with completion of the transaction with certain adjustments. While Telenor's initial investment under the agreement will continue to be the previously agreed Rs 6,120 crore (approx USD 1.2 billion), it has been agreed that Telenor, after this investment, would be holding 67.25 per cent in Unitech Wireless, subject to regulatory approval.
Telenor has operations in Bangaldesh, Pakistan, Malaysia and Thailand. With over 65 million subscribers in Asia, it is the fourth-largest global player in this market after SingTel, NTT DoComo and Vodafone.
On the Bombay Stock Exchange, the share price of Unitech was 4.94 per cent at Rs 27.60 at IST 1235.