Telenor expects to close transaction with Unitech in Jan’09 December 26, 2008
Posted by aikservices in India, Mobile, Norway, Telecom, Telenor, Unitech, Wireless.Tags: India, Mobile, Norway, Telecom, Telenor, Unitech, Wireless
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Telenor is expecting to close transaction with Unitech Wireless in January next year. Unitech had said that it would sell 60% of its stake in its telecom venture for about Rs 6,120 crore to Telenor, in October. It was earlier announced that, Telenor would be able to complete transaction by the end of 2008. The company is also evaluating alternatives to fund the transaction, it said.
“The closing of the transaction is subject to certain conditions being fulfilled. Telenor and its partner, the Unitech Group, anticipate that not all conditions for closing (the deal) will be fulfilled before year-end,” the telecom entity said. The company is also planning to proclaim a decision on the “funding of the investment at, or prior to, the closing of the Unitech Wireless transaction”. Unitech is also planning to launch its services in the first half of 2009.
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