Norway’s Telenor has brought in Lakshdeep Investments as a strategic partner for its new Indian venture, Telewings Communications.
Subject to obtaining licences in the upcoming spectrum auctions Lakshdeep – an investment vehicle for Sudhir Valia -…
Norway’s Telenor has brought in Lakshdeep Investments as a strategic partner for its new Indian venture, Telewings Communications.
Subject to obtaining licences in the upcoming spectrum auctions Lakshdeep – an investment vehicle for Sudhir Valia – will put an undisclosed amount of equity into Telewings that will amount to a 26% stake in the JV. Telenor will keep the remaining 74%.
The investment will be subject to regulatory approval.
The assets of Telenor’s previous Indian JV, Uninor, will be transferred to Telewings if it is successful in the spectrum tender and Telenor says this will mean a seamless continuity of operations.
Telewings has applied for prequalification to participate in the upcoming 2G spectrum auction.
Earlier this month Telenor dissolved its previous Indian JV with real estate company Unitech.
While that JV ended in acrimony with a bitter dispute over management that signalled the end for the project, Telenor has remained keen on the Indian market.
Having an Indian partner for the operations is an important step forward because Indian regulation does not allow 100% foreign ownership of operators.
Sudhir Valia is mainly known as an investor in and board member of pharmaceuticals company Sun Pharma.
Telenor first revealed that it would look for a new strategic partner in the country in February. That decision followed the Indian Supreme Court’s order to cancel 122 2G licences, including 22 belonging to Uninor, following a corruption scandal.
