Unitech Wireless shortlists buyers for its 26 per cent stake; raises loan

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Unitech Wireless shortlists buyers for its 26 per cent stake; raises loan

September 15, 2008

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Norway-based Telenor is likely to acquire 26 per cent stake in Unitech Wireless, (the telecom arm of real estate firm Unitech) for around $500 million.

Unitech Wireless has also shortlisted Telecom Italia and a Southeast Asia-based telecom firm for the stake. Meanwhile, Unitech Wireless has raised Rs 12 billion from a syndicate of public sector banks including Punjab National Bank, Canara Bank, Bank of India, Oriental Bank of Commerce, Central Bank of India and Vijaya Bank, in order to buy telecom equipment. For this, it has already initiated talks with ZTE, Huawei, Alcatel-Lucent, Nokia and Ericsson.