Telenor is close to an agreement to sell a 26 percent stake in its Indian mobile phone operations, reports Bloomberg citing two people with knowledge of the matter. Telenor plans to sign a deal with an investor linked to Sun Pharmaceutical Industries (Sunp), an Indian drugmaker, one of the people said, asking not to be identified because the discussions are confidential. The agreement will enable Telenor to bid for mobile frequencies in next month's Indian auction and protect its INR 140 billion investment in the country. Spokesmen for Sun Pharma and Telenor declined to comment. Citigroup is advising Telenor on the transaction, the people said.
