In another 4G update, Indian government has deferred Augere Wireless to increase its foreign stakes to 100% in its Indian venture. UK based Augere won BWA spectrum in Madhya Pradesh and Chhattisgarh in 2010 and paid Rs 125 cr for it. Globally Augere is going with a mission to provide “broadband for all“.
In 2011 Augere announced to roll out services initially in 14 cities starting from Q2 of 2012. That time FIPB approved Augere’s application to increase foreign stakes from 49% to 74%. Foreign funds were from Harbinger Capital, France Telecom, New Silk Route and Vedanta Opportunity Fund as well as its founder, Sanjiv Ahuja, former CEO of Orange. Remaining 26% is in the hands of Moser Baer group founder Deepak Puri. Note that New Silk Route has stakes in tower company Ascend Telecom Infrastructure Ltd along with TVS Group.
Everest Brand Solutions was appointed as Augere’s brand promoter, Ericsson got the network deal. A brand name, Zoosh was also announced. The company had plans to invest $60 million in next 3-5 years. But in the middle of 2012 Augere announced to cease operations due to regulatory uncertainties and was looking for buyers. However it could not able to sell its licenses in India. In August 2014 they filed to FIPB to become 100% FDI infused entity.
Globally Augere offers services in Bangladesh, Pakistan, Uganda and Rwanda under brand name of Qubee. Recently it acquired licenses to operate in Tanzania too.