Telenor has confirmed that it is to take a 60% controlling stake in Indian green-field mobile operator, Unitech Wireless for US$1,070 million. In a latest Press Release, Jon Fredrik Baksaas, President and CEO of Telenor sated:
“Gaining access to the world’s second largest mobile market is a major achievement for Telenor. Entering the Indian mobile market gives Telenor a unique possibility to further enhance the Telenor Group’s position as one of the leading emerging markets operators, and enables us to take part in the development and growth opportunities in one of the fastest growing telecom market in the world”.
Unitech Wireless has telecommunication licenses in all 22 telecomm circles and is planning to launch its services in mid 2009. Sanjay Chandra, Managing Director, Unitech Ltd is happy with the deal and stated:
“We highly appreciate this partnership with Telenor, and believe that Unitech Group’s local position and strengths coupled with Telenor’s technical, operational and marketing expertise will form a winning team. Telenor’s experience from growth markets in Asia are also a great benefit for the partnership”.