Acquisition of the Indian subsidiary Telewings of Telenor Group has been completed. The Norwegian company has acquired the 26% stake held by Lakshdeep Investment and Finance.
“Telenor Group has a long-term view on India, and we are encouraged by the strong growth of our Indian operation. The company continues to capture market share every month and is leading in new subscriber additions in many of its circles,” said Sigve Brekke, EVP of Telenor Group and Chairman of the Board of Telewings.
Telewings’ revenues in the first half of 2014 compared to the same period last year have increased by more than 40%. Earlier this year, the company expanded its service portfolio from voice to basic internet services.
Telenor’s Indian arm is present in seven circles with a total population of around 600 mn people. The company has participated in two separate auctions to acquire spectrum in the range of 5 Mhz to 7.2 MHz in seven circles. With a network of more than 1,500 stores and 3.65 lakh points of sale, Telewings has the second largest distribution network in its operating circles. The company will also launch services in Assam early next year.