Telenor premature in FIPB talks

24 Apr 2012

India’s Foreign Investment Promotion Board (FIPB) has refused to approve Norwegian telco Telenor’s proposals to float a new joint venture, reports the India Express. Currently in the midst of breaking from Unitech, its current partner in joint venture Uninor, the Norwegian firm was looking to ensure that it could continue to provide wireless services after 2 June 2012 when its concessions are revoked. Telenor sought approval on ‘an emergency basis’ to establish a new joint venture to which it could transfer its INR145 billion (USD2.719 billion) of investment. However, the FIPB dismissed the request, calling the move premature as important details such as the identity of the Indian partner had not been finalised.

India, Telenor Group, Telenor India