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| Unitech Wireless earmarks Rs 10,000 cr capex for three years |
| Press Trust of India / Gurgaon Jun 16, 2009, 17:18 IST |
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The country's second-largest realty firm, Unitech, today said its telecom venture has earmarked a capital expenditure of Rs 10,000 crore for the next three years to roll out its services across the country.
Unitech Wireless, the 32.75:67.25 telecom joint venture between the realty major and Norwegian giant Telenor, will increase its manpower by over three-fold to 1,800 people during the current fiscal.
"We have earmarked Rs 10,000 crore capex for Unitech Wireless for the next three years to roll out its services," Unitech Managing Director Sanjay Chandra told reporters after an EGM here.
Of the total capex, Rs 6,600 crore would be equity base from the partners, while the balance would be debt, he added.
"We have already infused our portion of capital. Now, whatever money will come, it will be from Telenor," Chandra said.
Telenor would inject a total of Rs 6,120 crore into Unitech Wireless, resulting in its 67.25 per cent holding in the company. Last month it had completed the acquisition for a 49 per cent stake after paying Rs 1,130 crore in the second tranche for a further 15.5 per cent stake in the company.
Asked about the strength of Unitech Wireless' workforce, Chandra said the telecom firm would increase the headcount to 1,800 people by the end of this financial year from the existing 500. Telenor ASA has expressed its intention to raise the stake to 74 per cent — the permissible foreign investment limit in an Indian telecom firm. The proposal is currently under FIPB's discussion.
By the end of this year, Unitech Wireless plans to launch GSM-based mobile telephony services starting from the first five circles of Tamil Nadu, Karnataka, Andhra Pradesh and Kerala where it has got spectrum.
The company has already given various contracts for providing support infrastructures to French telecommunication firm Alcatel-Lucent, Chinese telecom network equipment major Huawei Technologies and domestic IT giant Wipro.
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