Telenor signs agreement with new Indian partner

After its separation with realty major Unitech earlier this month, Norewegian telecom operator Telenor today said its Indian subsidiary, Telewings Communications Pvt. Ltd, has signed a partnership agreement with Lakshdeep Investments & Finance Pvt. Ltd (Lakshdeep), promoted by Sudhir Valia.

Valia is the brother in law of Sun Pharma promoter and managing director Dilip Shanghvi.

Telenor said in a statement, "This is a financial investment by Mr. Valia in his personal capacity."

Without disclosing the financial details of the deal, Telenor said Lakshdeep would contribute "an agreed amount of equity" into Telewings.

Upon successful participation in the upcoming spectrum auctions and after obtaining all required government approvals, Telenor Group will eventually own 74 per cent of the joint venture.

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.