TELECOM ITALIA BUYS 49% IN UNITECH'S TELECOM ARM

Telecom Italia has piped Norway’s Telenor to acquire 49% stake in Unitech’s telecom arm. A top Unitech executive confirmed that the two firms are close to reaching an agreement whereby Unitech’s telecom business will be transferred to a new company in which Telecom Italia will invest $2 billion for 49% stake. The majority 51% in the joint venture company will be held by Unitech.

The Economic Times