Norwegian telecommunications company Telenor said on Friday it has roped in Lakshdeep Investments and Finance as partner for its newly formed Indian entity Telewings Communications after ending its
telecom joint venture with Unitech.
Sudhir Valia-controlled Lakshdeep will invest an agreed amount in Telewings. Valia is the brother-in-law of Dilip Shanghvi, who is the promoter of Sun Pharmaceutical Industries.
"This is a financial investment by Valia in his personal capacity," Telenor said in a statement. "Upon successful participation in the upcoming spectrum auctions and post all required government approvals, Telenor Group will eventually own 74 per cent of the joint venture," the statement added.
"All assets of Unitech Wireless will be transferred to this company after attaining the approvals. Telenor Group will maintain operational control and upon necessary approvals all assets of Unitech Wireless (Uninor) will be transferred to this company for seamless continuity of operations," the statement added.
Telewings has already applied for prequalification procedure to
participate in the spectrum auction . However, a final decision on whether to participate or not will be made before the bid starts, it added.
Earlier this month, real estate major Unitech had said it will exit from the telecom joint venture with Telenor by selling its entire 32.75 per cent stake to the Norwegian firm. Telenor and Unitech had been at loggerheads ever since the Supreme Court in February cancelled Uninor's 22 telecom licences.
Telenor wanted to scrap the venture and transfer the business to another firm and get a fresh licence, whereas Unitech was opposed to it.
Courtesy: Mail Today 
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