Norwegian telecom operator Telenor has got approval from the Foreign Investment Promotion Board (FIPB) to raise its stake in its Indian joint venture.
Economic Affairs Secretary Arvind Mayaram on Friday said the telecom company has got the go-ahead to raise its stake in Telewings Communications Services from 49 per cent to 74 per cent.
Telenor said it is awaiting communique from the government on this approval.
"In accordance with procedure, Telenor Group have applied for FIPB approvals to allow us to invest further in India and increase our ownership from 49 to 74 per cent in Telewings Communications Services Private Limited. We await the formal communication of this application from the Indian Government," the company said in a statement.
Telenor had, in 2012, lost its 22 licences for operating in India following the Supreme Court judgment that led to cancellation of all 2G licences issued during former telecom minister A Raja's tenure.
Later, the company participated in a fresh auction and bagged licences for six circles.
It got into a new joint venture with Lakshdeep Investments & Finance after its previous partner Unitech moved out of the Uninor joint venture.
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