Uninor has received the fourth and final round of the planned fresh equity investment from the Telenor Group. With this, the Telenor Group has invested a total of Rs.61.2 billion of new equity into the company, taking its ownership to 67.25%, as per the shareholders' agreement.
"This is an important milestone that also demonstrates the continuing confidence of our shareholders in our operation. Uninor will strengthen its operations in the eight circles launched last year and launch operations in new circles in 2010," said Stein-Erik Vellan, Managing Director, Uninor.
Uninor aims at achieving EBITDA break-even within three years and Operating Cash Flow break-even within five years of launch of operations and a market share of 8% by 2018.
"As per our plans, this injection of equity will provide the working capital to continue the rollout of services in new circles, and to secure customer growth in the circles where Uninor is already available," said Sigve Brekke, Executive Vice-President, and Head of Telenor Group Asian Operations.
"The fresh equity investment from Telenor is as per the initial plan and will help the company continue to scale up operations," said Sanjay Chandra, Managing Director, Unitech Limited.
