Sun Pharma has dismissed reports indicating that the company might be planning to purchase a stake in Norwegian telecom service provider, Telenor.

While responding to questions about a possible investment in Telenor, the company officials said that it will only look for investment opportunities in the pharmaceutical industry. Sun Pharma is India's biggest drug maker by market capitalization and many reports suggested that eh family owned business is holding discussions to buy a 26 percent stake in a new joint venture with Telenor. It is believed that the 26 per cent stake will be purchased on a personal basis.

Unitech has said that it has resolved all legal disputes with Norway's Telenor, with which the company operated a joint venture in the telecom sector called Uninor. Telenor and Unitech jointly operate the Uninor brand in India through a joint venture. The joint venture between the two is one of the firms that will see its license being cancelled. A total of 22 telecom permits were among the licenses cancelled by the apex court following a corruption scandal.

The Norwegian telecom service provider is now looking for a new Indian partner to firm a joint venture for running telecom operations in the country.