Telenor Invests Rs 1,000 cr to Raise Stake in Telewings to 74%
Published: 27th December 2013 05:57 PM
Last Updated: 27th December 2013 05:57 PM
Norwegian firm Telenor has raised its stake in Telewings Communications, which offers telecom services under brand name Uninor, to 74 per cent with 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 told PTI in response to an e-mail query.
Telenor formed Telewings in partnership with Lakshdeep Investments & Finance which held 51 per cent stake in the joint venture.
Sources in the government said Telenor has brought in about Rs 1,000 crore and informed concerned departments about change is shareholding structure of Telewings in which the Norwegian firm now holds 74 per cent.
Telenor participated in November 2012 spectrum auction through Telewings and won spectrum for operating in six circles of Maharashtra, Gujarat, UP East, UP 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 in February 2012 by the Supreme Court along with 100 other 2G permits. Uninor had to bid for spectrum afresh to continue its operations.
Erstwhile parters Telenor and Unitech were at loggerheads after Uninor licences came under the scanner of investigating agencies in 2G spectrum allocation case of 2008.
Even after cancellation of Uninor's permit, both the partners continued to be locked in a dispute over control of Uninor assets. Both the companies finally signed an agreement in October 2012 wherein Unitech agreed to allow transfer of Uninor assets to Telewings.
Department of Telecom issued new licences to Telewings in the first week of December which is now managing Uninor's operations.