LI&F is controlled by Sun Pharmaceutical executive Sudhir Valia, who is reportedly investing in Telenor’s new Indian business Telewings “in his personal capacity”. Telewings was formed from the operations of Uninor – Telenor’s previous Indian joint venture – after acquiring former partner Unitech’s holding in the business.
A new deal will see LI&F acquire 26% of Telewings, allowing Telenor to conform with India’s foreign investment rules which limit the percentage of an Indian operation that can be owned by a non-Indian company.
Telewings has stated its intent to take part in the upcoming 2G spectrum auctions, with Telenor noting that “a final decision on whether to participate or not will be made before the auction starts”.
