New Delhi, Oct 19 : The Cabinet Committee on Economic Affairs (CCEA) Monday approved Norwegian telecom major Telenor's proposal to increase its stake in Unitech Wireless (Tamil Nadu) Ltd to 74 percent.

"This is subject to the conditions recommended by FIPB (Foreign Investment Promotion Board). The approval would result in FDI amounting to Rs. 3,740 crore in the country," Commerce Minister Anand Sharma told reporters here.

Unitech Wireless is a joint venture between India's Unitech Group and Telenor. The Norwegian firm has invested in the joint venture through its Singapore-based subsidiary Telenor Asia.

At present, Telenor has 67.25 percent stake in Unitech Wireless. (IANS)