Telenor Rumoured to Be Close to $1.5 Billion Indian Deal

Norway-based Telenor has reportedly been in talks with Indian greenfield operator, Unitech Wireless to take a stake in the firm worth up to US$1.5 billion. Earlier reports that Telecom Italia was also seeking to take a stake in the firm fell to nothing. Kuwait's Zain is also understood to be in talks to take a stake in the Indian company - but is thought to be holding out for a majority stake.

Unitech has already received radio spectrum in six circles and is aiming to launch services next April.

Telenor declined to comment on market speculation.

Unitech managing director Sanjay Chandra refused to confirm the reports, but said that the company is in talks with several unnamed players over possible mergers, and will soon zero in on one player. "We expect to launch our services early next year," he said.

Posted to the site on 13th October 2008