Norwegian telecom group Telenor today said it has completed acquisition of Lakshdeep Investment and Finance’s 26 per cent stake in Telewings (Uninor), making the Indian telecom operator its fully-owned subsidiary.
The company had earlier disclosed that it will be investing about Rs 780 crore to raise its stake to 100 per cent in Telewings, which operates under the Uninor brand.
As a result, Telenor now takes full ownership of Uninor. The process was finalised 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 said in a statement.
“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,” Telenor Group Executive Vice President Sigve Brekke said in a statement. Brekke is also chairman of the board of Telewings.
Telewings’ revenues jumped more than 40 per cent in the first half of 2014 compared to the same period last year. Earlier this year, the company expanded its service portfolio from voice to basic internet services. Close to 20 per cent of the company’s subscribers are now active internet users.
Telenor’s Indian arm has operation in six service areas – Andhra Pradesh, Bihar, Gujarat, Maharashtra, UP East and West.
The company said that it will also launch services in Assam early next year.
The company has over 4 crore subscribers across six service areas where it operates.