Telenor acquires Telewings’ 100-per cent stake in India
VARINDIA- INDIA'S FRONTLINE IT MAGAZINE Telenor Group has announced that it has completed the acquisition of the 26-per cent ownership stake in Telewings, held by Lakshdeep Investment & Finance. As a result, Telenor now takes full ownership of the company that operates under the brand name Uninor. The process was finalized after Telenor received approval from the Indian Government's Foreign Investment Promotion Board (FIPB) to increase its stake from 74 per cent to 100 per cent. "Telenor Group has a long-term view on India, and we are encouraged by the strong growth of our Indian operation. The company continues to capture market share every month and is leading in new subscriber additions in many of its circles," said Sigve Brekke, EVP of Telenor Group and Chairman of the Board of Telewings. Telewings' revenues in the first half of 2014 compared to the same period last year have increased by more than 40 per cent. Earlier this