NEW DELHI, Jan 9 (Economic Times): Norway's Telenor Friday bought 11 per cent more in Uninor, the mobile phone joint venture with real estate developer Unitech, for Rs 15 billion. The move will help the Indian venture fight the tariff war in the fast-growing wireless market.
"This third investment, as the earlier transactions, will provide Uninor with working capital to fund roll out of services across India," its executive vice-president and head of Asian operations, Sigve Brekke said in a statement.
With this investment, Telenor Group's stake in Uninor raises to 60.1 per cent and it has the option to raise it to as much as 67.25 per cent. The Norwegian company will invest the fourth and final tranche by the end of this fiscal.
"This third investment, as the earlier transactions, will provide Uninor with working capital to fund roll out of services across India," its executive vice-president and head of Asian operations, Sigve Brekke said in a statement.
With this investment, Telenor Group's stake in Uninor raises to 60.1 per cent and it has the option to raise it to as much as 67.25 per cent. The Norwegian company will invest the fourth and final tranche by the end of this fiscal.
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