press trust of india
NEW DELHI, 14 JUNE: The government today allowed Norwegian telecom firm Telenor to increase stake in its Indian arm from 49 per cent to 74 per cent at an estimated equity infusion of around Rs 934 crore.
“The Telenor proposal has been approved,” economic affairs secretary Mr Arvind Mayaram said after the meeting of the Foreign Investment Promotion Board (FIPB).
Industry sources said Telenor’s proposal involve investment of Rs 934 crore to raise stake by 25 per cent to 74 per cent in the Indian arm Telewings Communications.
“In accordance with the procedure, Telenor Group have applied for FIPB approvals to allow us to invest further in India and increase our ownership from 49 per cent to 74 per cent in Telewings Communications Services Private Limited.
“We await the formal communication of this application from the Indian government,” Telenor said in a statement.