Norwegian telecom group Telenor, which is planning to launch in India later this year, is on the lookout for a creative agency to create strong communication in the country. The telecom company is said to be in talks with some agencies for a long time and is expected to take a decision on its creative partner soon.
Though there has been on official confirmation on this, industry sources have confirmed the development. However, the account size could not be ascertained at the time of filing this report, which is believed to be substantial.
It may be recalled that in March 2009, Telenor had closed its deal with Unitech Wireless Ltd and taken up a 60 per cent stake in the company. Unitech Wireless has pan-Indian telecommunications licences in all 22 telecom circles.
The Indian market presents a large and attractive opportunity to telecom operators. With a population of approximately 1.2 billion, and the mobile penetration currently at 26 per cent, there remains significant untapped potential for additional subscribers. India is already witnessing a significant increase in mobile penetration.
The initial equity injection in Unitech Wireless will be made by Telenor Asia in four trenches to be completed before the end of September 2009. The investment will be funded through draw-down on existing credit facilities and/or issuance of short-term commercial paper.
The Telenor Group entered the Asian region in 1996 through the successful investment in Grameenphone in Bangladesh. Since then, the Asian markets have been a cornerstone of the development of the Telenor Group, providing growth opportunities in some of the most populated and fastest growing markets in the world. The Telenor Group operates mobile networks in Pakistan, Malaysia, Thailand and Bangladesh and holds a 3G license in Malaysia. With the acquisition of Unitech Wireless in India, the Telenor Group has entered one of the largest and fastest growing mobile markets in the world.