June 13 Norwegian telecoms group Telenor on Friday said it has sought the Indian government's approval to invest 7.8 billion rupees ($131.03 million) to acquire 100 percent stake in its Indian mobile services unit, Uninor.
"At present, Telenor Group owns 74 percent in its Indian business unit. These investments will be utilised to acquire the remaining stake held by Lakshdeep Investments as a financial investor," the company said in a statement.
Telenor's Indian unit has participated in two separate auctions to acquire spectrum in the range of 5 Mhz to 7.2 Mhz in seven circles that together represent more than half the country's population, the company said. ($1 = 59.5300 Indian rupees) (Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Sunil Nair)