Unitech in talks with global majors for telecom venture

Written by Agencies | New Delhi, January 31: | Updated: Jan 31 2008, 20:01pm hrs
Realty firm Unitech, which has received a pan-India license to offer mobile services, is in talks with global players from the US and the UK for a tie-up for its telecom venture.

"Unitech will be tying up with an operating partner, who will bring the expertise as well as finance," a company source said.

In the telecom venture, the global partner is likely to have a 50 per cent stake, the source added. The company is in talks with two operators from America and Europe and is likely to announce its partner within a month.

Unitech's subsidiaries have recently received Letter of Intent by Department of Telecom for starting mobile licences in 22 circles. As per existing guidelines, foreign direct investment of up to 74 per cent is allowed in telecom services.

Unitech was among the nine firms which were awarded LoIs for starting mobile services.

The government is likely to sign license agreement with these nine companies very soon, which would be followed by spectrum allotment.