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Sun Pharma MD's brother-in-law to buy stake in Telenor

Lakshdeep, will contribute an undisclosed amount of equity into the Telewings JV, in which Telenor will hold 74% stake

Reghu Balakrishnan & Deb Chaterjee  |  Mumbai 

Promoters of Indian pharmaceutical are busy with diversifying their businesses into new areas. After Ajay Piramal's investment into Vodafone India, another pharmaceuticals veteran - Sudhir Valia, promoter of Sun Pharmaceuticals and brother-in-law of Dilip Shanghvi, MD, Sun Pharma, is acquiring a significant minority stake in Telenor Group's new Indian entity.

Sudhir Valia, brother in law of Dilip Shanghvi has bought 26% in Telenor's India venture in his personal capacity.

Telenor Group today, through its new wholly owned Indian entity, Telewings Communications Pvt. Ltd. (Telewings), signed a partnership agreement with Lakshdeep Investments & Finance Pvt. Ltd (Lakshdeep), a company controlled by Mr. Sudhir Valia.

However, the market has reacted negative to the Shares of Sun Pharma are being traded at Rs 682.8, down by 1.64 per cent on BSE.

Dilip Shanghvi, who has stepped down as chairman of Sun Pharma, got married to Vibha, sister of Sudhir Valia.

Sudhir Valia holds about 0.74% stake in Sun Pharma, while his wife Raksha Sudhir Valia holds 1.68% in the largest Indian pharmaceuticals company. Dilip Shanghvi holds 11.16% in Sun Pharma while his wife Vibha holds 0.28% stake.

Sudhir Valia is a fellow member of Institute of Chartered Accountants of India and carries more than two decades of taxation and finance experience for Sun Pharma. Valia who joined Sun Pharma in 1994, is on the Board of Directors of a number of including the US subsidiary- Caraco Pharma.

As per earlier media reports, Sudhir Valia, was in talks to buy a stake in a brokerage firm - Fortue Financial Services.

According to statement from Telenor, 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 per cent of the joint venture, it added.

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.

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.

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First Published: Fri, October 26 2012. 15:40 IST