Telenor Raises Stake in Indian Subsidiary to 74 Percent
Published on: 31st Dec 2013
By: Ian Mansfield
Norway's Telenor has increased its stake in its Indian subsidiary to 74 percent following an investment of around Rs 1 000 crore.
"Telenor Group confirms that subsequent to receiving approvals, it has made additional investments in India. With this, Telenor Group's ownership in the Indian company Telewings now stands at 74%," it said in a statement.
Telenor originally formed Telewings in partnership with Lakshdeep Investments & Finance, , a company controlled by Mr. Sudhir Valia.
The intent by Telenor to raise its stake to 74% was always clear from the moment that it set up the joint-venture. The company holds licenses in six circles.
Telewings offers services under the Uninor brand in India.