Telenor will participate in Indian spectrum auction
Nordic carrier Telenor has confirmed that it will take part in today's Indian spectrum auction for the 1800MHz band.
The carrier's subsidiary Telewings Communication Services will participate on Telenor's behalf and if successful Telenor will transfer all of the assets from its failed joint venture Uninor into the new company "to secure a seamless transition for Uninor's existing customers and employees."
Telenor announced last month that it had lined up another Indian partnershould it succeed in the auction. Lakshdeep Investments and Finance, which is owned by Sudhir Valia will contribute an undisclosed amount of equity into Telewings for a 26% stake in the company.
Telenor said it will provide no further comment until the Indian authorities have announced the final results of the auction.