Telenor to Invest Rs 2,000 Crore in India

Norwegian Telenor Group, which is looking for a new partner to continue its telecom services in India, plans to invest up to Rs 2,000 crore more even as it is taking all steps to secure Rs 14,500 crore already pumped into Uninor, the joint venture with Indian realty firm Unitech.

Uninor managing director Sigve Brekke said that Telenor is committed to continue the services with a new partner, replacing Delhi-based Unitech.

Hopeful of finding an early solution to the situation arising out of the cancellation of the company's 2G telecom licenses by the Supreme Court, he said while continuing the arbitration in Singapore for separation with Unitech, they were in talks with four to five companies in India.

Declining to name the companies, Sigve said they were looking for a partner, who is not a telecom operator and who is keen to have a long-term commitment.

The new partner will have 26 percent stake in the company as Telenor has decided to increase its equity from 67 percent to 74 percent.

Stating that Telenor has already made substantial investment into Uninor, Sigve said they need to secure the investment.

With a 4.2 crore customer base, Uninor is the sixth largest telecom player in India.