This is a financial investment by Mr. Valia in his personal capacity, the company said in the press release.

Lakshdeep will contribute an agreed amount of equity into Telewings. Upon successful participation in the upcoming spectrum auctions and post all required government approvals, Telenor Group will eventually own 74% of the joint venture.

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, the company said in the press release.

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.

Earlier, it had partnership with Unitech, which ended due to license cancellation by supreme court.

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