Unitech on Thursday announced selling of 60 per cent stake in its telecom venture for Rs 6,120 crore (about $1.23 billion) to Norway-based Telenor, which has mobile operations in 12 countries with 160 million subscribers.
Unitech was awarded pan-India mobile telecom license for Rs 1,651 crore early this year and has got GSM spectrum in 13 circles. The company plans to launch services in the first half of 2009.
Telenor, world's seventh largest mobile operator has operations in Europe and Asian countries, including 100 per cent subsidiary in Pakistan. This is the second deal among the new GSM operators.
Earlier, Swan Telecom with license for 13 circles had sold 45 per cent stake to UAE-based Etisalat for $900 million.
Comments