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Telenor Group acquires 100% stake in Uninor

Norwegian telecom operator Telenor Group has informed that it has increased its stake in Telewings to 100% by acquiring the remaining 26% stake held by its Indian partner Lakshdeep Investment & Finance. The terms of the deal were not disclosed, but it's worth noting that Telenor had received an approval for an investment of Rs 780.86 crore from Foreign Investment Promotion Board (FIPB) last month. Telenor had sought for FIPB approval to buy out its minority stakeholders in Uninor in June this year and had stated plans of investing Rs 780 crore to acquire the 26% stake owned by its Indian partner Lakshdeep Investments & Finance Pvt. Ltd in the joint venture Telewings that provides telecom services in the country under the Uninor brand. This was after the Indian government allowed 100% FDI in telecom in July last year. Telenor is currently operational in six circles - UP East, UP West, Bihar & Jharkhand and Andhra…

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