(Reuters) - India has approved Norwegian telecoms group Telenor ASA's proposal to fully own its local unit, the government said in statement on Friday.
Telenor, which is investing 7.8 billion rupees ($129.16 million) to raise its stake in the unit from 74 percent currently, will be the second mobile phone carrier after Vodafone Group Plc to fully own its Indian unit after the government relaxed rules last year.
India's Foreign Investment Promotion Board has approved 22 foreign direct investment proposals worth a total 39.52 billion rupees, the statement said.
(1 US dollar = 60.3900 rupees)
Telenor, which is investing 7.8 billion rupees ($129.16 million) to raise its stake in the unit from 74 percent currently, will be the second mobile phone carrier after Vodafone Group Plc to fully own its Indian unit after the government relaxed rules last year.
India's Foreign Investment Promotion Board has approved 22 foreign direct investment proposals worth a total 39.52 billion rupees, the statement said.
(1 US dollar = 60.3900 rupees)
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