Uninor aims to break even by 2013-end
Uninor on Thursday said its business in UP East has become profitable and expects to break even in rest of its telecom service areas by 2013-end.india Updated: Nov 29, 2012 22:19 IST
Uninor on Thursday said its business in UP East has become profitable and expects to break even in rest of its telecom service areas by 2013-end.
"I am delighted to celebrate our first break even in India. We expect to not only have positive EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortisation) but also turn cash flow positive by 2013 in all circles. Cash flow date has been advanced by one year," Telenor group president and CEO Jon-Fredrik Baksaas told reporters here.
Norwegian firm Telenor holds majority stake in the Indian telecom operator Uninor, whose licences are valid till January 18, 2013 as per Supreme Court order. After this date, assets and business of the company will be transferred to new entity Telewings in which Telenor has 74% stake.
"At present we have 30 million subscribers in six circles where have secured spectrum. In UP East, where we have reached EBIDTA break even before target date of 2013, there are over 7.2 million customers," Baksaas said.