India's Unitech Wireless sells 60% to Telenor for $1.07 billion

Unitech Wireless, which has been the most talked about telecom operator in the news media lately, has just sold off 60% of stake to Telenor.

Telenor has been eyeing a stake in the company for quite a while now and has been in talks with the company ever since. Italy’s Telecom Italia too was rumored to have bought a 49% stake in the company, but the claims soon died down. However, it has been confirmed that it is infact Telenor which now controls a whopping 60% stake in the company.

Why so much interest in the company?

India’s Mobile subscriber base is growing at an alarming rate and there’s already enough competition in the market. Unitech Wireless recently won license to operate in the 13 telecom circles of India from the Indian government, something which increased the demand of the company. 

With a pan Indian license, the company was looking for strategic partners to do business with and they’ve finally settled with Telenor here.