Telenor finds new Indian partner
Norway’s Telenor Group today announced that it has entered into a partnership agreement between its Indian entity Telewings Communications and Lakshdeep Investments & Finance.
The move comes after Telenor had spent the past few months trying to migrate the assets and subscribers of its previous JV Uninor following an on-going dispute with its partner Unitech.
The dispute was only resolved earlier this month after being dragged through the Indian court system.
Lakshdeep, which is owned by Sudhir Valia, will contribute an undisclosed amount of equity into Telewings.
Once Telewings has successfully participated in the upcoming Indian spectrum auction and received government approval, Telenor Group will own 74% of the JV, maintaining operational control.
Telenor will also migrate the assets of Uninor to the JV allowing it to continue operations.
The carrier would still not confirm whether it would participate in the upcoming 2G spectrum auction on November 12 but did apply for prequalification last week.