telenor-invests-1-billion-in-indian-mobile-operator

Telenor invests $1 billion in Indian mobile operator

Norwegian telecom operator Telenor gains majority control of India's Unitech Wireless through an injection of capital that will be used to fund capex.
Norwegian telecom operator Telenor will buy 60% of IndiaÆs Unitech Wireless by subscribing to $1.07 billion worth of new shares.

Unitech Wireless is a new company founded in 2007 by the Unitech Group, a real estate developer in India. It has spectrum in 13 telecom circles in India and expects to add the remaining nine circles to its portfolio by the end of 2009. It plans to launch actual services in mid-2009. TelenorÆs investment, which is going into the Indian company, will form part of the $2 billion capital expenditure Unitech Wireless has forecast for the next three years.

The Norwegian company will pay $250 million when the deal closes, scheduled for the end of...
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