Ncell has formally approached the Nepal government seeking clarity on its future beyond 2029, when its current operating licence expires. In a detailed letter submitted on January 7, 2026, the private telecom operator outlined multiple options to ensure service continuity after completing 25 years of operations, including increased Nepalese ownership and a potential public listing.
The company said it is prepared to issue an initial public offering (IPO) that would offer up to 50 percent ownership to the public and institutional investors, while also raising Nepalese ownership to 50 percent. Ncell described this as part of a broader effort to resolve ongoing legal, regulatory, and foreign investment challenges linked to licence renewal.
Ncell also reaffirmed its commitment to investing in next-generation infrastructure, including 5G and high-speed fibre networks, provided it receives assurance of continued operations beyond 2029. CEO Michael Foley noted that 5G investments require long recovery periods, making long-term certainty essential before committing significant capital.
The operator urged the government to formally recognise the share purchase agreement under which Spectrlite UK acquired Axiata’s 80 percent stake in Ncell in 2023. It argued that regulators had already assessed and approved the company’s technical and financial capacity during licence renewal in 2024 and that all required documentation has been submitted to relevant authorities.
Citing protections under the Nepal–UK Bilateral Investment Promotion and Protection Agreement, Ncell warned that unresolved issues could eventually lead to international legal action, although it stressed a preference for a mutually beneficial domestic solution. The company also called for equal treatment with state-owned Nepal Telecom, particularly on licence renewal fees and regulatory conditions.
Ncell said it is seeking a win-win resolution that allows it to continue operations, invest in future technologies, and support Nepal’s digital development. The operator highlighted its contribution of Rs 3.60 trillion in revenue over 21 years and its role in connecting more than 14 million users nationwide.
