India's second-largest listed realty firm Unitech and its Telecom Subsidiary, Unitech Wireless, have entered into a definitive agreement with Norway-based telecom firm Telenor.

Under the arrangement, Telenor will invest over Rs 6120 crore to subscribe to shares in Unitech Wireless, resulting in an enterprise value of Rs 11620 crore. However the deal is subject to the regulatory approvals.

According to sources, Telenor will hold up to 60% stake in Unitech Wireless. Telenor already operates in Pakistan and Bangladesh and is the second largest non-Asian operator in Asia after Vodafone.

Unitech Wireless has pan-India telecommunications licenses in all 22 circles and plans to launch its service in first half of 2009. The company was established in 2007 and has already recruited more than 250 employees.