Telenor, the Norwegian telecom operator has announced an agreement with an Indian mobile services startup, Unitech Wireless.

According to agreement, Telenor will have a 60 percent stake in the company.

The Norwegian telecom operator has entered into a definitive agreement for shares in Unitech Wireless which is priced for US$1.07 billion. The investment will be made in four parts, with the full investment completed by September next year.

The investment will allow Telenor to have an access to India’s mobile services market. Telenor will be able to launch its services only by the first half of next year.

Unitech Wireless has been allocated spectrum in 13 service circles in India, with the allotment for nine more circles expected over the next 12 months,

The deal still requires regulatory approvals, and is expected to close by the end of this year.

With a population of approximately 1.2 billion, and a mobile penetration currently at 26 percent, India still has noteworthy potential of additional subscribers.

Shalini/ITVoir Network