The Foreign Investment Promotion Board (FIPB) has approved Norway-based Telenor?s proposal to take complete ownership of its Indian unit, Telewings Communications. Earlier in June 2014, Telenor had filed an application with FIPB, seeking approval for an additional foreign direct investment of Rs 7.8 billion to raise its ownership in Telewings Communications to 100 per cent.
At present, Telenor owns 74 per cent stake in Telewings Communications while the remaining 26 per cent stake is held by Lakshdeep Investments.
The company, under its brand name Uninor, currently offers its telecom services in Andhra Pradesh, Bihar, Gujarat, Maharashtra, Uttar Pradesh (East) and Uttar Pradesh (West) circles and has over 30 million customers.
