After several rounds of discussion, the government has approved of Telenor?s request to pump in Rs 10 billion in Telewings Communications Services Limited (TCSL), say news reports.
Telenor had participated in the November 2012 spectrum auction through TCSL and had approached the Foreign Investment Promotion Board to increase its stake in the company from 49 per cent to 74 per cent.
The company currently operates in India under the Uninor brand in six circles, including Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (West), Bihar (including Jharkhand) and Andhra Pradesh.
After the 2G spectrum issue broke out, however, differences of opinion arose between Telenor and its Indian joint venture partner. After a long drawn out dispute, it is currently in the process of transfer Uninor’s business to TCSL.
TCSL has been formed as the result of a partnership between Telenor and Lakshdeep Investments and Finance.
