Approval of Unitech Wireless' application to increase foreign
shareholding announced
(Thomson Reuters ONE) - (Fornebu, 19 October 2009) The Indian Cabinet Committee of EconomicAffairs (CCEA) today announced that Unitech Wireless' application toincrease its foreign shareholding up to 74% has been approved. Theapplication was earlier approved by the Foreign Investment PromotionBoard (FIPB) on 21 August 2009."Telenor Group has been optimistic of a favourable outcome thatallows us to increase our holding in Unitech Wireless. We welcome theannouncement from the CCEA, and will await theformal communication before we finalize the process ofincreasing our stake to 67.25%", said Sigve Brekke, Executive VicePresident of the Telenor Group and Head of Telenor Asia.Unitech Wireless is owned by the Telenor Group and Unitech Ltd. Atpresent, the Telenor Group has invested INR 26.2 billion (NOK 3.2billion) through subscription for new shares to hold a 49% stake inthe company. The formal approval will allow the Telenor Group toincrease its investments to INR 61.2 billion to hold 67.25%, asagreed between the two shareholders.Uninor new name in IndiaOn 23 September, Unitech Wireless announced that its services will benamed Uninor. The Uninor name follows Telenor Group's brand strategy,and will leverage from its established marketing and designframework.For further information, please contactGlenn Mandelid, Communication Manager, Telenor Asia, tel: +66 824401122Email: Glenn.mandelid(at)telenor.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.10.2009 - 14:36 Uhr
Sprache: Deutsch
News-ID 7069
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