Norway-based Telenor ASA is planning to acquire the remaining stake in its Indian subsidiary, Telewings Communications by end-2014. Telenor currently holds 74 per cent stake in Telewings Communications, while the remaining 26 per cent stake is held by Lakshdeep Investments and Finance Private Limited. The operator had received an approval from the Foreign Investment Promotion Board (FIPB), on the deal valued at Rs 7.80 billion for this purpose in September 2014.
Telewings Communications is planning to acquire a mobile payments licence in India once the final guidelines issued by the Reserve Bank of India are in place. The company is also planning to expand its presence in the country. For the same, it has earmarked an investment of about Rs 6 billion for network expansion and upgradation for 2015.
