New telecom operator, Unitech Wireless, a joint venture company between realty firm Unitech Ltd and Norwegian telecommunications giant Telenor, said today that its ploans to introduce mobile services in select circles by end 2009, were on track.
The unlisted joint venture, branded Uninor, will launch its services in select circles of India by the end of December and will cover 60 per cent of the population within a year of the launch, said Stein-Erik Vellan, MD, Unitech Wireless.
Unitech Wireless holds a pan-India licence for mobile services in all 22 circles. It has as also received spectrum to roll out these services in 21 of the 22 circles and is targeting an 8 per cent market share by 2018. It is also expected to put in a selective bid for 3G services in some circles.
To fund its low-cost rollout, Unitech Wireless has managed to line up an Rs5,000 crore bridge finance from the State Bank of India.
Currently, Telenor holds a 49-per cent stake in Uninor, and is awaiting government approval to raise its stake to 67.25 per cent, taking its total investment to nearly Rs6,100 crore.
It has also signed contracts worth $400 million for telecom network equipment with Alcatel-Lucent India and the Indian subsidiary of China's Huawei Technologies.