Telenor has agreed a new joint venture in India with local businessman Sudhir Valia, a director at Sun Pharmaceuticals. His investment company Lakshdeep Investments & Finance will take an equity stake in Telenor's new company Telewings. Assuming the company's successful participation in the upcoming spectrum auctions and government approval, Telenor will own 74 percent in the joint venture, the maximum allowed under Indian foreign investment rules. Telenor expects to retain operational control of the company and merge assets from its existing venture Unitech Wireless (Uninor) into the new company, after earlier agreeing to buy out its existing Indian partner Unitech. 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. No financial details of the deal were announced.
