Telenor raises stake in Uninor

The Telenor Group of Norway on Friday said it had completed the third round of investment of Rs.1,490 crore into telecom company Uninor, taking its ownership up to 60.11 per cent. Prior to this, Telenor had made two transactions, investing a total of Rs.4,110 crore in Uninor, a joint venture between Telenor and Unitech.

“This third investment will as the earlier transactions provide Uninor with working capital to fund the roll out of services across India. Following the successful launch of Uninor services in eight telecom circles in December last year, I am confident that Uninor will make a significant impact in the Indian market,” said Telenor’s Executive Vice-President and Head of its Asian Operations Sigve Brekke.