Telenor completes Indian buy

Telenor takes full ownership of India’s Uninor

17 OCT 2014

Telenor has completed its acquisition of the 26 per cent stake in its Indian venture held by Lakshdeep Investment & Finance, giving it 100 per cent of the company.

The Norway-based group took complete ownership of Telewings, which operates under the Uninor brand, after receiving approval from India’s Foreign Investment Promotion Board.

The move follows the removal of a 74 per cent cap on foreign ownership of companies in the telecoms sector, which has also seen Vodafone Group upping its ownership of its Indian assets.

Uninor is present in seven regions with a total population of around 600 million.

Meanwhile, Telenor chairman Svein Aaser said recently he expects Uninor to break even soon.

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