Telenor Stretches its Reach in India

Telenor International has officially confirmed that it is to take a 60% controlling stake in Unitech Wireless, an Indian mobile operator. Financial value of this deal is said to be at US$1,070 million, as Telenor will be buying a new share issued by the Unitech Wireless.

“Gaining access to the world’s second largest mobile market is a major achievement for Telenor. Entering the Indian mobile market gives Telenor a unique possibility to further enhance the Telenor Group’s position as one of the leading emerging markets operators, and enables us to take part in the development and growth opportunities in one of the fastest growing telecom market in the world,” said Jon Fredrik Baksaas, President and CEO of Telenor.

It merits mentioning here that Unitech Wireless has telecommunications licenses in all 22 telecom circles of India and plans to launch its services in mid 2009.

Via Cellular News

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