Norwegian telecom company Telenor has said that Uninor plans to raise about Rs 93.65 billion to fund its expansion plans.
The funds will be raised over the next few years through debt, as the company does not intend to bring in fresh equity, according to Sigve Brekke, managing director, Uninor India and executive vice-president, Telenor Group.
He added that the company required a peak funding of Rs 1,550 billion for its Indian operations. Initial equity was sourced from Telenor, through its 67.25 per cent stake acquisition in Uninor. That funding was adequate until now.
Brekke also said the company was in talks with banks to raise this debt and did not see any hurdles. He said the company had already convinced its shareholders in Norway and was optimistic of raising the funds, which would be helpful in meeting future operational expenses.
