The move would help Telenor gain a larger share of the market, having been forced to downsize its Indian operations after its previous joint venture, Uninor, lost its 2G licences.
A source told Reuters that Telenor would look to take a majority stake in the merged entity.
Tata Group would cut its stake in Tata Teleservices as part of the deal, while NTT DoCoMo, which owns a 26% stake in Teleservices, would retain its holding in the combined entity, according to the source.
Telewings won licences in six Indian telecoms zones in this month’s 2G auction, after months of consideration as to whether it would participate.
The operator had spent much of the year engaged in a dispute with its previous Indian partner, Unitech, which it blamed for the loss of Uninor’s 2G licences following a decision by India’s Supreme Court.
