India board allows Norway's Telenor to raise stake in JV
NEW DELHI, June 14
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)