Telenor, the Norwegian telecom operator has reportedly committed to invest a big amount of money to its India operation. According to latest information, Telenor is planning o invest Rs 15,500 crore to its Indian operations.
It is also expected that Telenor will participate in a bid for 2G spectrum for the Mumbai circle in the proposed auction. Besides this, the company is also expecting to reach operating break by the end of 2013.
Without giving much details of time frame for funding, a spokesperson from Telenor said, “The Company is committed to Rs 155 billion (Rs 15,500 crore) peak funding".
It is important to note here that Telenor has recently set up a separate company Telewings Communications in joint venture with Lakshdeep Investment in order to run its Indian operations after severing its ties with Unitech.
Presently, Telenor holds majority stake in telecom operator Uninor. However, according to Supreme Court order, the Uninor’s licenses are valid only till January 18, 2013. After that, the assets and business of Uninor will be transferred to Telenor’s Telewings. To the reader’s surprise, in the new start-up, Telenor will have majority stake of 74 per cent.
