Axiata who owns 80% stake in Ncell, have sold its all shares to Nepalese businessman Satish Lal Acharya UK based company Spectralite UK Limited.
Satish Lal Acharya is the owner of Spectrelight. The Acharya family also owns Sunibhera Capital Venture Pvt Ltd, which currently owns 20 per cent stake in Ncell.
Axiata decided to exit Nepal earlier this week, on Wednesday, due to the increasing business challenges in the country. Axiata said it sold shares worth $50 million (Rs 6.65 billion), out of which $5 million was a deferred payment to be made within six months.
Telecom sector experts have speculated that Axiata exited because of the expiry license issue of ncell, the high amount of money needed for renewal and the declining income of telecom companies. Ncell got the permission for GSM mobile service on September 16, 2061. Axiata entered Nepal in 2016. At that time, Axiata had bought shares of Ncell for $ 1.36 billion (Rs 143 billion as per the exchange rate then).