The Competition Commission of India (CCI) has approved the proposed 51 per cent stake sale in Telewings Communication Services a part of Norway-based telecom player Telenor to Lakshdeep Investments and Finance Private Limited.
According to CCI, the acquisition of 51 per cent of the shares of Telewings by Lakshdeep Investments and Finance Private Limited is not likely to have any appreciable adverse effect on competition in India. However, CCI has said that the proposed transfer of business from Uninor to Telewings Communication Services as well as the increase in Telenor?s stake to 74 per cent in Telewings Communication Services cannot be considered as intra-group assets transfer.
Telenor operates in the country under the brand name Uninor. Its 22 licences were among the 122 permits cancelled by the Supreme Court in February in the 2G spectrum allocation case.
It participated in the just concluded 2G spectrum auction through Telewings Communication Services. In the spectrum auction, the company won spectrum in six circles – Andhra Pradesh, Bihar, Gujarat, Maharashtra, Uttar Pradesh East and Uttar Pradesh West.
