OSLO: The Telenor Group announced on Friday that it has completed the Unitech Wireless transaction and made its first investment of US$ 250 million. Following this investment, Telenor’s ownership stake in Unitech Wireless is 33.5 per cent. According to a press release, as previously announced, Telenor will inject a total of US$ 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 Group President and CEO, Jon Fredrik Baksaas said that the Telenor’s remaining investment of $970 million will be completed in three trenches during 2009. “This marks the formal entry of Telenor into the world’s fastest growing mobile market and the Telenor was now embarking on an operational phase and the preparations for the launch of our services”.

He said that during last year, the total number of mobile connections in India increased by more than 100 million. To take part in this continuing growth, the Telenor will focus on a cost-efficient, swift and flexible network roll-out to optimize 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,” Baksaas said.-SANA

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