Telenor Group completes 100% ownership of Telewings in India
(Thomson Reuters ONE) -
(Fornebu 17 October 2014): Telenor Group announced today that it has completed
the acquisition of the 26 per cent ownership stake in Telewings, held by
Lakshdeep Investment & Finance. As a result, Telenor now takes full ownership
of the company that operates under the brand name Uninor. The process was
finalized after Telenor received approval from the Indian government's Foreign
Investment Promotion Board (FIPB) to increase its stake from 74 per cent to 100
per cent.
"Telenor Group has a long-term view on India, and we are encouraged by the
strong growth of our Indian operation. The company continues to capture market
share every month and is leading in new subscriber additions in many of its
circles," said Sigve Brekke, EVP of Telenor Group and Chairman of the Board of
Telewings.
Telewings' revenues in the first half of 2014 compared to the same period last
year have increased by more than 40 per cent. Earlier this year, the company
expanded its service portfolio from voice to basic internet services. Close to
20 per cent of the company's subscribers are now active internet users.
Telenor's Indian arm is present in seven circles with a total population of
around 600 million people. The company has participated in two separate auctions
to acquire spectrum in the range of 5 Mhz to 7.2 MHz in seven circles. With a
network of more than 1,500 stores and 365,000 points of sale, Telewings has the
second largest distribution network in its operating circles. The company will
also launch services in Assam early next year.
Contact:
Tor Odland
VP Communications region Asia
Telenor Group
Mobile: +65 9777 4782
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Telenor via GlobeNewswire
[HUG#1863831]
Unternehmensinformation / Kurzprofil:
Datum: 17.10.2014 - 12:30 Uhr
Sprache: Deutsch
News-ID 344938
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