Sun Pharma to partner Telenor for India JV: Report
New Delhi: After parting ways with Unitech, Telenor has finally found a new partner for its telecom operations in India.
According to news reports, one of the family members of the Sun Pharma promoter group is buying a 26 percent stake in a new joint venture (JV) with Telenor.
The 26 percent stake will be taken on a personal capacity. Dilip Shanghvi leads the promoter family of Sun Pharma but at this point the identity of the individual who will partner Telenor is not known.
The formal announcement with the exact valuation of the JV and other operational details are expected to be announced later today.
However, Telenor has reportedly denied that it is in talks to buy a stake in the Norwegian telecom firm.
The company wants to stick with the pharmaceutical business, reports said.
Telenor had ended its joint venture with realty major Unitech, to set up a new entity through which it could bid for upcoming spectrum auction. Foreign telecos can own up to 74 percent in their Indian operations.