Axiata Group, the parent company of Ncell, is exiting Nepal, with the company announcing its decision to sell its shares in Ncell. In an official release, Ncell announced that a transaction has been agreed upon between SpectrLite and Axiata. SpectrLite has agreed to acquire 100 percent of Axiata's stake in Reynolds Holdings, based in Saint Kitts and Nevis. Reynolds Holdings, in turn, holds 80 percent of the shares in the Nepalese operator Ncell.
Also Read: Ncell Expands 4G Coverage to Remote Districts of Nepal
SpectrLite's Commitment
SpectrLite, owned by investor Satish Lal Acharya of Nepali origin, expresses commitment to driving Ncell forward. It plans to expand the range of services, enhance quality, and introduce digital innovations.
SpectrLite UK investor said, "SpectrLite is pleased to announce an agreement for the acquisition of a controlling shareholding in Ncell. I will be drawing upon my extensive experience in the telecommunications industry and working with the management of Ncell to drive innovations, investments, and a wide range of life-enhancing services to the Nepalese people."
Ncell said, "Ncell is pleased with the upcoming change in ownership and eagerly anticipates collaborating with new shareholders to elevate Ncell into a world-class Nepali-driven data and communications hub. In the foreseeable future, Ncell will unveil its refined plans that underscore the substantial prospects for expanding Ncell's service offerings. This evolution aims to maintain Ncell's position as the leading national digital services and internet access platform."
Also Read: Ncell Axiata Deploys 338 Mobile Towers, Expands Network Coverage Across Nepal
Axiata said, "Axiata has been in Nepal for seven years, working alongside hard-working colleagues in Ncell. However, the increasing challenges in the operating environment represent a fundamental shift. It has led the Axiata board to conclude, after a thorough process, that our foray in Nepal cannot continue due to the unfavourable conditions for Axiata, the uncertain regulatory and tax environment, and the looming risks associated with the expiry of the mobile license in 2029."
Also Read: Ncell Axiata Expands 4G Services to Remote District of Jumla, Nepal
Ncell Nepal
Axiata entered the Nepal market in 2016, following the acquisition of Reynolds for a purchase price of USD 1.365 billion. This effectively secured an 80 percent equity interest and controlling stake in Ncell.
Ncell is the first private telecommunications service provider in Nepal, established in 2004 and operating since 2005. Ncell says it has built world-class networks and communication services and operates the widest 4G network in the country.
