TNI Bureau: Norwegian telecommunications group Telenor has chosen a low-profile local businessman Sudhir Valia as its new Indian partner to expand its empire in the country after terminating the joint venture with Unitech Ltd.
The firm roped in Lakshdeep Investments and Finance Pvt. Ltd as a partner for Indian entity Telewings Communications Pvt. Ltd.
Lakshdeep Investments and Finance owned by Valia, who holds around 1% of Sun Pharmaceutical Industries Ltd, will acquire the stake of Telenor.
Valia’s brother-in-law Dilip Shanghvi (his sister’s husband), who is the Sun Pharma promoter and managing director, is an executive director in Lakshdeep Investments and Finance. Valia is also a chartered accountant and on the board of Sun Pharma subsidiaries, Caraco and Taro Pharma and had joined the drug major in 1994.