Telenor looks to acquire 100% stake in Indian unit
Nordic telecoms group Telenor has filed to take full ownership of its Indian mobile services unit Uninor by investing $131.03 million.
Telenor presently owns 74% of the Indian business unit, and is now able to take full ownership in India after the government revised foreign ownership rules in the country last year.
If approved, it will utilise the investments to acquire the remaining stake held by Lakshdeep Investments as a financial investor.
The company’s Indian unit has participated in two auctions to acquire spectrum in the 5MHz to 7.2MHz band in seven circles, representing over 50% of country’s population.
Vodafone recently took advantage of the change in laws and took 100% ownership of its Indian subsidiary.