Norwegian company Telenor has upped its stake in Telewings Communications to 74%. The said deal is valued at INR1,000 crore. Telewings offers telecom services under the brand Uninor, according to The Hindu.
In response to an e-mail query, a Telenor spokesperson said: "The Telenor group confirms that subsequent to receiving approvals, it has made additional investment in India. With this, Telenor group's ownership in the Indian company Telewings now stands at 74 per cent."
Telenor established Telewings when it struck a partnership with Lakshdeep Investments & Finance. The latter previously held a 51% stake in the joint venture, the report detailed.
In November 2012, Telenor participated in a spectrum auction through Telewings. The firm won spectrum for operation of six networks in Maharashtra, U.P. East. U.P. West, Gujarat, Andhra Pradesh, and Bihar, the report stated.
Telewings continues to operate under the Uninor brand. This brand was created under Telenor's partnership with real estate company Unitech, The Hindu reported.
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