The Government of India today cleared Norwegian telecom firm Telenor's proposal to invest Rs 1,000 crore in a joint venture company, operating mobile services under the brand Uninor.
According to Finance Ministry's statement, Telenor's application to set up a joint venture company in telecom sector involving Rs.1,000 crore FDI inflow has been cleared by the Foreign Investment Promotion Board (FIPB).
Telenor had approached the FIPB for raising its stake in its Indian subsidiary Telewings Communications operating mobile services under the brand name Uninor in six telecom circles.
Telenor participated in 2G spectrum auction through its Indian subsidiary Telewings Communications, conducted in November 2012 for fresh purchase of airwaves after the cancellations existing 2G licencs by India’s Supreme Court in its earlier verdict on 2G scam.
Telenor / Uninor, has commercial mobile services or spectrum in six circles of Maharashtra and Goa, Gujarat, UP East, UP West, Bihar (including Jharkhand) and Andhra Pradesh.