Sun Pharma - India’s 5th largest pharmaceutical company - may indirectly fund Norwegian telecom company Telenor’s plans to bid in an upcoming spectrum auction. The telecom operator recently signed a joint venture agreement with Sudhir Valia, executive director of Sun Pharma. Valia owns Lakshdeep Investments which signed the JV with Telenor’s subsidiary Telewings Communication.
InGovern Research Service made this report and explained that the pharmaceutical company may help Telenor through indirect means like collateral to banks or through guarantees. The JV have Sudhira Valia a 26% share in Telewings Communications. Just this month, Sun Pharma’s board approved a fund-raising plan although it has not disclosed reasons for the raising Rs 8,000 crore.
Other experts say that in order for Sun to fund Valia’s private investment, it will still need the approval of shareholders.
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