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Telenor Finds New Partner for Indian Mobile Network
Published on:
Telenor Group has found a new Indian partner to replace its fractious relationship with Unitech as it prepares to bid in the forthcoming radio spectrum licenses.
Telenor says that it signed a partnership agreement with Lakshdeep Investments & Finance, a company controlled by Mr. Sudhir Valia. This is a financial investment by Mr. Valia in his personal capacity.
A new Indian holding company has been formed, Telewings.
Lakshdeep will contribute an agreed amount of equity into Telewings. Upon successful participation in the upcoming spectrum auctions and post all required government approvals, Telenor Group will eventually own 74% 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.
Telewings has already applied for prequalification to participate in the upcoming spectrum auction. A final decision on whether to participate or not will be made before the auction starts.
Earlier this month, Telenor finally settled its dispute with Unitech, clearing the way for its to reenter the Indian market after Uninor's GSM licenses were cancelled by the Supreme Court earlier this year.
Tags: [telenor] [uninor] [telewings] [India]
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