ani_rocks

As part of its commitment, Norway-based Telenor infused fresh equity as part of its commitment taking up its stake to 60.11 per cent.

Unitech Wireless, the telecom arm of the real estate giant Unitech Friday said it has received the third tranche of fresh equity investment from the Norwegian telecom giant Telenor Group, amounting to Rs 1,493.26 crore.

With this Telenor’s stake in Unitech Wireless increased from 48.97 per cent to 60.11 per cent. This investment follows the Cabinet Committee on Economic Affairs (CCEA) approval in October 2009 allowing the Indian telco to increase foreign shareholding upto 74 per cent, the company said in a regulatory statement.

As per the agreement between the shareholders, the Telenor Group will inject a total of Rs 6,120 crore to result in a shareholding of 67.25 per cent in the joint venture company. Of this, Rs 4,113.46 crore has been invested and the remaining investment will be completed through a subsequent fourth and final tranche.

“The additional investment will allow Uninor to proceed as per the business plan and successfully expand operations in India. Our shareholders stand confident and committed to the venture,” said Stein-Erik Vellan, managing director Unitech Wireless.

“We have recently concluded our first round of service launches in 8 circles with a footprint of 600 million. Early response from customers is encouraging. We are confident of delivering on our stated targets,” he added.

Uninor aims at achieving earning before income tax, depreciation and amortization (EBITDA) break-even within 3 years and Operating Cash Flow break-even within five years of launch of operations and a market share of 8 per cent by 2018, the company said.

“I am very happy with the way in which the Unitech Wireless business is developing. Further fresh equity investment from Telenor is as per the initial plan and will help the company continue to scale up operations,” said Sanjay Chandra, managing director, Unitech Limited.

Gabu

good for there uncompetitive tariff plans

sujin

Their call charges are gud. But they shud remove the call connection charges or reduce the daily rental to Rs.1 per day to make thing attractive

ani_rocks

ya dude........ now MNP is far away...... they should remove the call set-up charge or daily rental... otherwise their business will be like Virgin mobile.

sujin

I think they will do that after MNP comes in.

ani_rocks

ya its may be a business strategy............after MNP implementation their new call rate will attract more people......but at now daily rental Rs 2/- is really costly whatever its call rate.......

coolguy010

At a time like this when everyone trying to give gud call rates without daily rentals i just cant believe they r providing plan with Rs.2 daily rental

RDBMAC

sumthings i hate

daily rentaks,
Re 3/sms for VAS - use Google SMS Search
Rs6/min to call VAS no !

ani_rocks

if there any pack for VAS sms then something to be different!!!!!!!!