Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Telenor Group Friday said that it has taken full ownership of its Indian unit Telewings that operates under the brand name Uninor, following the acquisition of the 26% ownership stake, held by Lakshdeep Investment & 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,” Sigve Brekke, EVP of Telenor Group and chairman of the Board of Telewings, said in a statement.
The process was finalized after Telenor received approval from the Indian government’s Foreign Investment Promotion Board (FIPB) to increase its stake from 74% to 100%. Uninor caters to 2G population in its six circles. It will also launch services in Assam early next year. Original post at ET Telecom