Telenor Group will sell 26 per cent stake in its new Indian venture to Sun Pharmaceutical’s Executive Director Sudhir Valia. The new entity, Telewings Communications Pvt Ltd, has signed a partnership agreement with Lakshdeep Investments & Finance Pvt Ltd, a financial investment company controlled by Sudhir Valia. The deal amount was not disclosed. Telenor plans to participate in the upcoming auction for 2G spectrum through this new venture.

“This is a financial investment by Valia in his personal capacity. Telenor Group will maintain operational control and all assets of Unitech Wireless (Uninor) will be transferred to this company for seamless continuity of operations,” the Norwegian company said.

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.

This is second time when a person associated with the pharmaceutical sector has picked up stake in the telecom sector. Earlier, Ajay Piramal, Chairman of Piramal Healthacre, invested in Vodafone India.

Who is Valia?

Dilip Shanghvi, Managing Director of Sun Pharma, is married to Valia’s sister Vibha. Sudhir Valia holds 0.74 per cent in Sun Pharma, while his wife Raksha holds 1.68 per cent.

Valia, a chartered accountant , has been an wholetime Director of Sun Pharma since February 11, 2005, where he is responsible for finance, commercial, operations, projects and quality control. Valia has also been a Director of Caraco Pharmaceutical Laboratories Ltd since 1997 and Taro Pharmaceutical Industries Ltd since 2010.

Telenor had earlier picked 67 per cent stake in a telecom company promoted by real estate major Unitech. However this venture ran into trouble after the Supreme Court cancelled licences of all companies that got their licences on or after January 2008.

> thomas.thomas@thehindu.co.in

Related Topics