Norway keen on investment in Indian telecom sector

Norway keen on investment in Indian telecom sector

Norway Government has a serious business interest in India and is committed to co-operation with New Delhi on a long-term basis, Norwegian Trade and Industry Minister Trond Giske said in a statement here.

He said Norway aims to make a big success of its telecom venture in India. Norwegian trade and industry representatives met India's Telecom Ministry officials recently.

Telenor, one of the leading global telecom companies in which the Norwegian Government holds a 54 per cent equity stake, has a joint venture with India's Unitech Wireless Ltd. The joint venture is known here as Uninor.

The Indian telecommunications network has more than 621 million connections as of 2010, making it the third largest in the world. This figure is growing rapidly at the rate of 45 per cent per annum.

Norway and other leading foreign players have invested in the telecom sector for a number of reasons. The Indian Government has done away with licensing for setting up manufacturing units for telecom equipment.

Moreover, 100 per cent foreign direct investment FDI is permitted via the automatic route to make telecom equipment. Also, there is the facility of royalty payment, lump sum fee for transfer of technology and payment for use of trademarks and brand names through this route.