Norway-based telecom company, Telenor has brought a majority of 60% stake in Unitech Wireless. Telenor is the largest telecom company of Norway having existence in 12 nations with subscriber strength of over 150 million. The Norway government holds 54 per cent stakes in Telenor. Unitech wireless is a subsidiary of major reality giant, Unitech.

The deal worth Rs 6,120 crore has paved a way for Telenor to enter in the Indian telecom industry. The company is already present in Ukraine, Russia, Hungary, Serbia, Montenegro, Pakistan, Malaysia, Bangladesh and Thailand. Telenor sought help from Goldman Sachs on the transaction issues while Unitech was guided by UBS AG and Mumbai-based IDFC-SSKI Group. Unitech was awarded mobile telecom licences for Rs 1,651 crore to operate in 13 telecom circles earlier this year. It is likely to start services in the middle of 2009.

The Vice-President and Head of the Telenor Asia operations, Mr Sigve Brekke said that India has a big scope for the telecom industry. There is still space for new telecom players to enter in Indian market as its wireless market is very crowded.

Chairman of Unitech Wireless and MD, Unitech Ltd, Sanjay Chandra said that the deal would strengthen the position of company in the region by forming a very committed and hard working team.