The Norway’s Telenor today announced to being signed a new Indian Telewings joint venture with its new partner Lakshdeep Investments & Finance Pvt. Ltd.
The newly set up entity of Indian Telewings Communications by replacement of Unitech with Lakshdeep, Telenor ready to enter in a bid for new mobile telephone licenses, for which source said, the company has already fulfill all the eligibility criteria with submission of an application for prequalification.
Meanwhile, Sudhir Valia controlled- Lakshdeep will contribute unrevealed amount of equity into Telewings joint venture. Telenor would be the owner of 74 percent stake in new company, as per company.
While asking about the Unitech Wireless’s assets, Telenor said , source said, “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.”
After the Supreme Court cancellation of Uninor’s 22 telecom licences on 2G Spectrum auction scam, there was a controversial row of Telenor with it’s ex partner Unitech. Both wanted to exit their JV and earlier they did as Unitech agreed to transfer the business assets in Uninor to a new firm control.
Now, Telenor with applicable 74% share holding can reapply for new fresh permits by participating auction bid in upcoming next month for Indian mobile telephone spectrum.