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Telenor had earlier acquired a 49% stake in Unitech Wireless and intends to increase its stake to 67.25% for a consideration of INR37,400 million ($814.19 million).
The Cabinet Committee of Economic Affairs provided approval for Telenor to raise its stake in Unitech Wireless up to the maximum foreign direct investment limit of 74%. The transaction was earlier approved by the Foreign Investment Promotion Board (FIPB) on August 21, 2009.
As per the agreement between the shareholders of Telenor and Unitech, the formal approval will allow Telenor to increase its investments to INR61,200 million ($1,332.32 million) to hold 67.25% stake in Unitech Wireless.
Deal Value (US$ Million) 814.19 Deal Type Acquisition Sub-Category Minority Acquisition Deal Status Announced: 2009-10-19
Deal Participants
Target (Company) Unitech Wireless Acquirer (Company) Telenor ASA
% Acquisition 18.25%
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