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Telenor ASA completed the acquisition of a 67.25 per cent stake in the JV with Indian real estate major Unitech (BSE:507878) in March.
Later, the company expressed its intention to raise the stake to 74 per cent - the permissible foreign investment limit in an Indian telecoms firm.
The proposal came up for the first time before the FIPB, which clears all major foreign investment proposals in India, on May 22, 2009.
The decision to allow investment into the company was deferred, as the Ministry of Home Affairs had asked for more time to examine the deal.
The FIPB board had earlier asked the Ministry of Home Affairs (MHA) to complete its inquiry with regard to the proposal.
Unitech Wireless, a subsidiary of the real estate major Unitech, was one of the new players given a license in 2008 by Telecom Minister A Raja, along with several other players.
The company is planning to start telecoms services by the end of 2009 in some parts of the country and has set a target to complete the footprint by next year.
(PTI) sld
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