A proposal to allow Norway's Telenor to raise its stake beyond 50 percent in India's Unitech Wireless, a unit of realty firm Unitech, has been sent to the Indian cabinet for approval.

Unitech Wireless is 49 percent owned by Telenor. The two partners have an agreement to raise the Norwegian firm's stake to 67.25 percent, and have sought approval for foreign ownership of up to 74 percent, the maximum allowed under Indian law.

The Foreign Investment Promotion Board sent the proposal to the cabinet as the planned investment of 37.4 billion rupees ($765 million) is above a threshold level of 6 billion rupees, it said in a statement.

(Reporting by C.J. Kuncheria; Editing by John Mair)

India