Indian authorities have approved Telenor’s proposal to raise its stake in Indian joint venture Telewings Communications from 49% to 74%.
According to local reports, the Foreign Investment Promotion Board gave the go-ahead for the move but Norway’s…
Indian authorities have approved Telenor’s proposal to raise its stake in Indian joint venture Telewings Communications from 49% to 74%.
According to local reports, the Foreign Investment Promotion Board gave the go-ahead for the move but Norway’s Telenor is still awaiting official communication from the government on the panel’s decision.
Currently, India prevents foreign investors from controlling more than 74% of a local telco. But the government is reportedly considering removing this limit.
Telenor recently entered a new telecoms partnership with Lakshdeep Investments & Finance, replacing its previous mobile JV Uninor.
After months of a bitter dispute over management, Telenor finally reached a settlement in October with former partner Unitech, a local real estate company, whereby Unitech agreed to dispose of all its shares in Uninor.
Also last year, Telenor acquired 20-year licences for six of India’s 22 circles when frequencies were re-auctioned following the country’s telecoms scandal.
Meanwhile, it shut down services in Kolkata, Mumbai, West Bengal, Karnataka, Kerala, Orissa and Tamil Nadu, where its 2G licences were cancelled.
Telenor did not reply to a request for comment.
