Telenor gets new partner for JV

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Telenor gets new partner for JV
Telco Sells 26% Stake To Sun Pharma Exec Director Sudhir Valia’s Co
TIMES NEWS NETWORK

New Delhi: Norwegian telecom firm Telenor on Friday said it has roped in Lakshdeep Investments & Finance as a partner for Telewings Communications, its new venture in India. Lakshdeep, owned by Sudhir Valia, who holds around 1% of Sun Pharma, has agreed to acquire the stake but the valuation would only be known after the assets — including spectrum and the Uninor infrastructure — are transferred to Telewings.
Valia, whose sister, Vibha, is married to Sun Pharma promoter and managing director Dilip Shanghvi, is an executive director in the company. He is also on the board of Sun Pharma subsidiaries, Caraco and Taro Pharma and had joined the drug major in 1994. He has been involved with key functions, including finance, production and acquisitions. “This is a financial investment by Valia in his personal capacity. Lakshdeep will contribute an agreed amount of equity into Telewings,” Telenor said in a statement.
The move comes days after Telenor decided to part ways with real estate firm Unitech by settling its longrunning dispute with the Chandras for Rs 25 crore. Unitech Wireless, the 2G scam-tainted entity that allegedly benefitted from A Raja’s largesse, will transfer all the assets to the new entity, which is also in the race to participate in fresh spectrum auctions scheduled for next month.
“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,” Telenor said in the statement. Once the entity is up and running, Telenor Group will hold a 74% stake and maintain operational control. Telenor’s 22 licences were among the 122 cancelled by the Supreme Court in February. The Norwegian company has invested around Rs 14,000 crore in the Indian operations and despite ruing the high base prices for the fresh auctions, is widely expected to participate in it. It had earlier said it was committed to the Indian market, which remains among the most competitive with the lowest call charges.
In an interview with TOI, Valia said: “The investment is in my personal capacity, with no part of the Sun Pharma funds being deployed for it.” Valia added: “We decided to venture into telecom given the fact that valuations have come down, and this was at a good price. We keep looking at attractive options to invest from time to time.”
FIRMING UP STRATEGY
Lakshdeep Investments & Finance, owned by Sudhir Valia, has agreed to acquire stake in Telewings Communications, Telenor’s new venture in India
Valia, who is brother-inlaw of Sun Pharma promoter and MD Dilip Shanghvi, is an executive director in the company. He is also on the board of Sun Pharma subsidiaries — Caraco and Taro Pharma
Telenor Group will hold a 74% stake in Telewings Communications and maintain operational control.
“Telewings has already applied for prequalification to participate in the upcoming spectrum auction,” Telenor said in a statement