August 18, 2009 / 12:00 PM / 9 years ago

India Unitech Wireless gets $1 bln loan from SBI

, NEW DELHI, Aug 18 (Reuters) - Indian telecoms firm Unitech Wireless, 49 percent owned by Norway’s Telenor (TEL.OL), said on Tuesday it had secured a 50 billion rupee ($1 billion) loan from State Bank of India (SBI.BO) to fund its mobile phone network rollout.

Unitech Wireless plans to start mobile services by the end of December quarter.

Telenor has sought government approval to increase its stake in the firm to 67.25 percent, with the balance to be held by Unitech Ltd (UNTE.BO), India’s second-largest listed real estate firm. ($1=48.8 rupees) (Reporting by Devidutta Tripathy; Editing by John Mair)

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