Proposal of M/s. Unitech Wireless (Tamilnadu) Private Limited to seek approval for each of the Licensee companies to enhance foreign shareholding by M/s. Telenor Asia Pte. Ltd., Singapore

Proposal of M/s. Unitech Wireless (Tamilnadu) Private Limited to seek approval for each of the Licensee companies to enhance foreign shareholding by M/s. Telenor Asia Pte. Ltd., Singapore

The Cabinet Committee on Economic Affairs today gave its approval to M/s. Unitech Wireless (Tamilnadu) Private Limited to enhance foreign shareholding by M/s. Telenor Asia Pte. Ltd., Singapore such that it may have direct and indirect foreign shareholding up to 74% (initially to 67.25%) with a foreign direct investment up to Rs.3740.00 crore in each of the Licensee companies viz., Unitech Wireless (Tamilnadu) Private Limited; Unitech Wireless (North) Private Limited; Unitech Wireless (South) Private Limited; Unitech Wireless (Kolkata) Private Limited; Unitech Wireless (Delhi) Private Limited; Unitech Wireless (East) Private Limited; Unitech Wireless (Mumbai) Private Limited; Unitech Wireless (West) Private Limited. This is subject to the conditions recommended by FIPB.

The approval would result in FDI amounting to Rs.3740.00 crore in the country.