The Cabinet Committee on Economic Affairs (CCEA) followed the Foreign Investment Promotion Board (FIPB) in approving Norway-based Telenor to increase stake in its Indian JV with Unitech Wireless to up to 74 %.

Presently Telenor has 67.25% stake in the JV.

“We understand from the Cabinet Committee on Economic Affairs’ (CCEA) press release that Unitech Wireless’ application to increase foreign shareholding upto 74% has been approved by the CCEA. While we await details and formal communication from the Government, we welcome the CCEA’s decision to allow further investment by the Telenor Group into the joint venture. We are currently focused and on-track to launch our services in the country by the end of this year” - Stein-Erik Vellan, MD, Uninor.