Telenor to acquire 100 pc stake in Uninor

Norwegian telecom firm Telenor today said it will take complete ownership of its Indian unit Uninor by acquiring the 26 per cent stake held by Lakshdeep Investments for Rs 780 crore.

The company, which currently owns 74 per cent stake in Uninior, has filed an application with FIPB seeking to raise its ownership to 100 per cent.

"An application has been filed with the Foreign Investment Promotion Board of the Government of India, seeking approval for an additional investment of Rs 780 crore to raise ownership in Uninor to 100 per cent," Telenor said in a statement.

It added that the investments will be utilised to acquire the remaining stake held by Lakshdeep Investments as a financial investor.

Telenor said its Indian unit had participated in two separate spectrum auctions to acquire radiowaves in the range of 5Mhz to 7.2 Mhz in seven circles that together represent more than half of India’s population.

"This year, Uninor has announced an additional investment of Rs 500 crore towards expansion of its network and distribution infrastructure by 30 per cent," the statement said.

Uninor, which has over 30 million customers, currently offers services in Andhra Pradesh, Bihar, Gujarat, Maharashtra, UP East and UP West and is planning to launch services Assam this year.

"Uninor has now emerged as the 4th largest mobile operator by both customer and revenues share in its best circles," the statement added.

The company had reported an operating profit of about Rs 1,531 crore for the January-March quarter because of one-time accounting adjustment of Rs 1,660 crore related to licence fees.

EDITORIAL OF THE DAY

  • Sebi’s guidelines for commodity bourses will help farmers get fair price

    As the timeline for the proposed merger of the Forward Market Commission (FMC) with the Securities and Exchange Board of India (Sebi) comes closer, th

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

M S Swaminathan

State must intervene to end farm distress

The persistence of farmers’ suicides inspite of the several programmes ...

Zehra Naqvi

Why lie, not like, drives Facebook

So much has been written about how social media and ...

Gautam Gupta

It's a 'blog eat blog' world out there

Let me tell you, fashion journalism has truly taken the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture