The Cabinet Committee on Economic Affairs has approved Telenor’s proposal to increase its stake in Unitech Wireless to 74 per cent, subject to the recommendations of the Foreign Investment Promotion Board.

The Cabinet Committee on Economic Affairs has approved Telenor’s proposal to increase its stake in Unitech Wireless to 74 per cent, subject to the recommendations of the Foreign Investment Promotion Board. The approval will result in a foreign direct investment of about Rs 37.4 billion. At present, Telenor owns 67.25 per cent stake in the Indian telecom venture.