Telenor Confirms Intent to Participate in Indian GSM Spectrum Auction
Published on: 11th Nov 2012
Note -- this news article is more than a year old.
In a brief statement, Telenor has confirmed its participation in the 1800MHz spectrum auction in India that starts on 12 November. Telenor will participate in the auction through its fully owned subsidiary Telewings Communication Services.
If successful in the auction, Telenor plans to transfer all assets from Uninor into the new company to secure a seamless transition for Uninor's existing customers and employees.
Following the auction, India's Lakshdeep Investments & Finance will contribute an agreed amount of equity into Telewings. Upon successful participation in the upcoming spectrum auctions and post all required government approvals, Telenor Group will eventually own 74% of the joint venture.
The company added that no further comments will be provided before the Indian authorities have announced the final results of the auction.