Update: Telenor Group through its new wholly owned Indian entity, Telewings Communications Pvt. Ltd. (Telewings), has signed a partnership agreement with Lakshdeep Investments & Finance Pvt. Ltd (Lakshdeep), a company controlled by Sudhir Valia. This is a financial investment by Valia in his personal capacity, informed the company. Interestingly, according to Valia's LinkedIn profile, he's a Director at Sun Pharma. According to Telenor, 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, the company said. Earlier: Following the settlement of its dispute with Unitech, and the latter's exit from the Uninor JV, Norwegian telecom operator, Telenor is expected to partner with one of the promoters of Sun Pharma, according to a report by The Economic Times. The report cites three independent sources saying that one of the family member of the Sun Pharma promoter group is picking up a 26% stake in a new JV with Telenor, in a personal capacity. The report also mentions that the JV will be announced, later today. However, Sun Pharma denied the development and has said that…
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