India again defers decision on Unitech telco FDI

NEW DELHI, July 1 (Reuters) - India has again deferred decision on a proposal by the telecom unit of India's Unitech Ltd (UNTE.BO) to increase foreign shareholding to up to 74 percent, the government said in a statement on Wednesday.

Norway's Telenor (TEL.OL) has agreed to buy about 67 percent of Unitech Wireless, the telecoms arm of Unitech Ltd, but the transaction needs government approval.

The government did not give any reason for the deferral, but media reports have said the deal was yet to be cleared by the home (interior) ministry.

Meanwhile, the government approved 21 foreign investment proposals for about 850 million rupees ($18 million), the statement said. ($1=48.1 rupees) (Reporting by Devidutta Tripathy)