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Telenor ups stake in local arm to 74%

New Call

New Delhi, Dec. 27 (PTI): Norwegian company Telenor has raised its stake in Telewings Communications, which offers telecom services under brand name Uninor, to 74 per cent at an investment of about 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 per cent,” a Telenor spokesperson said.

Telenor formed Telewings in partnership with Lakshdeep Investments & Finance, which held a 51 per cent stake in the joint venture.

Sources in the government said Telenor had brought in about Rs 1,000 crore and informed concerned departments about a change in the shareholding structure of Telewings.

Telenor had participated in the November 2012 spectrum auction through Telewings and won airwaves for operating in six circles — Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (West), Bihar (including Jharkhand) and Andhra Pradesh.

The company continues to operate under brand name Uninor, which was created under its partnership with real estate firm Unitech.

All licences of Uninor were cancelled by the Supreme Court in February 2012 along with 100 other 2G permits. Uninor had to bid for spectrum again to continue its operations.

Erstwhile partners Telenor and Unitech were at loggerheads after Uninor licences came under the scanner of the investigating agencies in 2G spectrum allocation case of 2008.

Even after the cancellation of Uninor’s permit, both the partners continued to be locked in a dispute over the control of Uninor assets.

Both the companies finally signed an agreement in October 2012 wherein Unitech agreed to allow the transfer of Uninor assets to Telewings.

 
 
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