[November 18, 2009] Telenor reduces capex estimate for Indian business Tweet Nov 16, 2009 (M2 PRESSWIRE via COMTEX) -- 18 November 2009 - Norwegian telecoms major Telenor ASA (OSL: TEL) cut its capex requirement for the first five years in India by between INR30bn and INR35bn, as a result of a targeted roll-out and better terms from equipment vendors, in a status update issued today. Telenor entered the Indian mobile market through the acquisition of Unitech Wireless, later renamed Uninor. Service launch is expected in the fourth quarter of 2009. Telenor will give an update on India at Morgan Stanley's annual investor conference in Barcelona to be held on 18-19 November. The company also said it has secured agreements with around 1,000 distributors and 300,000 points of sale in India. Some 12,000 base stations have been installed. Moreover, the Foreign Investment Promotion Board's recommendation to allow Telenor's shareholding of 67.25% in Uninor has formally been approved. Telenor will implement a focused roll-out in the majority of 22 telecoms circles in India, while meeting licence obligations in all circles. The group will also evaluate the OPEX profile according to market development. The earlier communicated peak funding of INR155bn is now expected to be somewhat lower. The telecoms major reiterated its market share ambition and other financial targets, including to reach an EBITDA break-even some three years after launch and operating cash flow break-even some five years after launch. (EUR1 = INR69) Comments on this story may be sent to [email protected] [ Back To TMCnet.com's Homepage ]