Telenor trims India capex view by $713 mln
OSLO (Reuters) - Norwegian mobile operator Telenor said it had trimmed its accumulated capex guidance for the first five years of its operations in India by about 4 billion crowns ($712.6 million) while maintaining other targets.
Telenor, which is due to launch in India later this year, said its rollout combined with better terms from equipment vendors will reduce capex requirements.
"The earlier communicated peak funding of 155 billion rupees is now expected to be somewhat lower," Telenor said in a statement, adding that the reduction would be around 30-35 billion rupees.
"The market share ambition and other financial targets, including EBITDA break-even approximately three years after launch and operating cash flow break-even approximately five years after launch, are still valid," it added.
Telenor added that India's Foreign Investment Promotion Board's formally approved Telenor to increase its shareholding in its Indian venture Uninor to 67.25 percent.
Telenor says it is the second largest foreign operator in Asia following Vodafone. It has operations in the Nordics, Eastern Europe and across Asia.
(Reporting by Wojciech Moskwa)
(For more news on Reuters Money visit www.reutersmoney.in)
© Thomson Reuters 2010 All rights reserved
Economy seen growing at 7.2 pct in FY10 - govt
The forecast reinforces the possibility that the government may start to unwind its fiscal stimulus in the budget. Full Article
Greek crisis sets euro zone enlargement back
The Greek debt crisis has dealt a setback to prospects of enlarging the euro zone by highlighting the difficulties of managing the single currency area. Full Article
India
US
UK
