Telenor & Lakshdeep partner in India, Telenor to own 74% stake

Telewings Communications (Telewings), a wholly owned Indian entity of Norway-based Telenor Group has partnered with Lakshdeep Investments & Finance (Lakshdeep). Telenor Group will own over 74% stake in Telewings. With this development, an Indian pharmaceutical company, Sun Pharmaceuticals ventures into telecom sector. Sun Pharmaceuticals's executive director Sudhir Valia has confirmed to invest, in his personal capacity, in Telewings but the amount is not disclosed. He controls Lakshdeep Investments & Finance (Lakshdeep) company.

Telenor has not confirmed its plans on the remaining 26% stake, whether Lakshdeep would own 26% stake or it would rope in other partner. “Lakshdeep will contribute an agreed amount of equity into Telewings,” said a statement.

The statement added, "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." Telewings has submitted pre-qualification application to participate in the upcoming spectrum auction.