In India, Norwegian telecom company Telenor has transferred all its shares in Uninor to a new wholly owned Indian entity, Telewings Communications Pvt. Ltd. (Telewings).
At the same time, Telenor has signed a partnership agreement with Lakshdeep Investments & Finance Pvt. Ltd (Lakshdeep), a company controlled by Mr. Sudhir Valia. This is a financial investment by Mr. Valia in his personal capacity.
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.