Telenor : has finalised the Unitech Wireless transaction
03/20/2009| 03:36am US/Eastern
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(Fornebu, 20 March 2009) 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.
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
More information about Telenor in India:
http://www.telenor.com/en/news-and-media/in-focus/india/
This announcement was originally distributed by Hugin. The issuer is
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