Telenor gets nod to up stake in Unitech

The government today approved Norwegian telecom company Telenor’s proposal to raise stake in its Indian joint venture Unitech Wireless to 74 per cent, the maximum permitted in the sector.

The Cabinet Committee on Economic Affairs gave its approval to Unitech for enhancing foreign shareholding by Telenor up to 74 per cent, Commerce Minister Anand Sharma said. Telenor would for now pump in a foreign direct investment of Rs 3,740 crore to raise the stake to 67.25 per cent from 49 per cent at present.