The Foreign Investment Promotion Board (FIPB) has reportedly cleared the proposal of Norway-based Telenor to hike its stake in Unitech Wireless to 67.25%

The matter was pending for clearance since May 22, 2009. The Ministry of Home Affairs and some government agencies had deferred the clearance on grounds of security concerns related to Telenor’s investment in Pakistan as well as in Bangladesh.

Telenor and Unitech had agreed to a deal wherein Telenor was supposed to have 67.25 % stake in the Indian JV. This deal was agreed upon in March this year.

Telenor has formally completed 49 % stake in Unitech Wireless.