Norway’s Telenor Group has sought the approval of the Foreign Investment Promotion Board (FIPB) to increase its holding in its Indian venture, Uninor. The Hindu writes that the group is looking to invest INR7.8 billion (USD131.54 million) to increase its stake in Uninor from 74% to 100%; the remaining 26% is currently held by Lakshdeep Investments. Telenor formed joint venture Telewings with Lakshdeep in October 2012, before transferring the Uninor brand and assets to the new company after its split from former Indian partners Unitech Wireless in the wake of the mass spectrum cancellation in February 2012.
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