Telenor buys out Indian mobile unit

Dylan Bushell-Embling
21 Oct 2014
00:00

Norway's Telenor has completed the 100% takeover of Indian unit Telewings, operator of the Uninor mobile brand.

The company has finalized the takeover process, the month after getting approval from India's Foreign Investment Promotion Board for the deal.

Prior to the takeover Telenor held a 74% stake in Uninor, the maximum previously allowed for an overseas company under Indian foreign investment rules. But these rules were changed last year to allow 100% foreign ownership with board approval.

“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,” Telewings chairman Sigve Brekke said.

Uninor operates in seven of India's 22 telecom circles, covering a footprint of around 600 million.

Elsewhere in Asia, Telenor Myanmar has delayed the launch of services in the nation's largest city, Yangon, blaming construction difficulties due to the weather and delays receiving approvals to build towers, the Myanmar Times reported.

The company launched services in Mandalay last month, and had aimed to roll out to Yangon by mid-October.

Telenor Myanmar now plans to conduct a staged launch in the city between October 25 and October 30.

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