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Telenor raises stake in Indian unit Telewings to 74 per cent

The Economic Times:  January 10, 2014

New Delhi: Norwegian firm Telenor on Friday raised its stake in its Indian unit-Telewings-to 74% by investing about Rs 1,000 crore, and reiterated its commitment to the world's second largest telecom market.

"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. Telewings Communications offers services under the Uninor brand in India.

The Norwegian firm said it plans to be a long term investor in India. "This means that we will continue to expand and strengthen our operations in India while remaining the operator that has the lowest tariffs ".

Earlier this month, the company completed transfer of its business assets from Uninor, the Indian joint venture with real estate major Unitech Ltd, to Telewings Communications.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.