India board allows Norway's Telenor to raise stake in JV

NEW DELHI, June 14 Fri Jun 14, 2013 8:03am EDT

NEW DELHI, June 14 (Reuters) - India's Foreign Investment Promotion Board (FIPB) approved a proposal by Norwegian telecoms operator Telenor to raise its stake in its Indian joint venture to 74 percent from 49 percent, Economic Affairs Secretary Arvind Mayaram said.

Local rules allow a maximum 74 percent shareholding by foreign companies in telecom carriers.

Telenor said it was awaiting formal communication from the government on the approval. (Reporting by Nigam Prusty and Devidutta Tripathy; Editing by Jijo Jacob)

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