Norwegian firm Telenor has raised its stake in Telewings Communications, which offers telecom services under the brand name Uninor, to 74 per cent with an investment of about Rs.1,000 crore.
“The Telenor group confirms that subsequent to receiving approvals, it has made additional investment 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 had brought in about Rs.1,000 crore and informed departments concerned about the change in the shareholding structure of Telewings in which the Norwegian firm now holds 74 per cent.
Telenor participated in the November, 2012 spectrum auction through Telewings, and won spectrum for operating in six circles of Maharashtra, Gujarat, U.P. East, U.P. West, Bihar (including Jharkhand) and Andhra Pradesh. The company continues to operate under the brand name Uninor, which was created under its partnership with real estate firm Unitech.