Telenor given green light on Telewings ownership

4 Sep 2014

India’s finance ministry has approved Norwegian telco Telenor’s proposal to take full control of its Indian subsidiary, the Economic Times reports. Telenor currently holds a 74% stake in Telewings Communications, which trades under the Uninor brand name, whilst domestic firm Lakshdeep Investments owns the remaining 26%. Telenor established the cellco as a JV with Lakshdeep in October 2012, transferring the assets and brand name of its previous operation to the new provider after relations with its former partner Unitech went south in the wake of the 2G spectrum scandal, which had seen the Supreme Court cancel 122 licences – including Uninor’s authorisations – over corruption allegations. According to TeleGeography’s GlobalComms Database, Telenor applied to the Foreign Investment Promotion Board (FIPB) in June 2014 for permission to spend INR7.8 billion (USD131.54 million) to increase its stake in Telewings to 100%.

India, Telenor Group, Telenor India