Real Estate major Unitech’s telecom services subsidiary, Unitech Wireless in which Norway-based Telenor presently has 49 % stake announced securing an Rs 5000 crore loan from State Bank of India (SBI).

The company said that the loan, syndicated by SBI Capital Markets, includes bank guarantees and a letter of credit.

“Unitech Wireless is in the midst of taking up an aggressive ramp-up to launch its telecom services in India by the end of this year. The company has already placed significant orders on partners and vendors for services and equipment in order to meet the ambitious targets we have set for launch. We are delighted to have one of India’s premier financial institutions, the SBI, join us, along with our existing bankers, as a partner in this exciting venture,” Unitech Wireless Chief Corporate Affairs Officer Rajiv Bawa.

This marks the second loan securing by the firm the earlier one being granted by  consortium of banks comprising Punjab National Bank, Canara Bank, Bank of India, Oriental Bank of Commerce, Central Bank of India and Vijaya Bank.

The company’s foreign investment parent, Telenor has till date invested Rs 2,620 crore and is supposed to invest another Rs 6,120 crore to up its stake to 67.25 %.

Unitech is aiming for a December launch of its pan-India services. The company has awarded network rollout contracts to Alcatel-Lucent, Huawei and Ericsson. For IT outsourcing it has selected Wipro Infotech while for infrastructure it has engaged Quippo Telecom.