Telenor signs up new partner

Telenor has inked a deal to partner with Lakshdeep Investments and Finance in its new Indian wireless arm, Telewings, which will replace its existing Uninor unit, reports Reuters. Having recently agreed a split from its former partner Unitech, the Norwegian group must now find an Indian partner to comply with local foreign direct investment (FDI) laws which cap foreign ownership of companies at 74%. Under the terms of the upcoming spectrum auction, Telenor is permitted to bid for spectrum without satisfying the 74% ownership obligations, but will not be allowed to offer services until those requirements are met. Lakshdeep will contribute an undisclosed amount of equity into the new venture, whilst Telenor will retain its maximum 74% stake.