Norwegian telco Telenor has announced plans to transfer its existing Indian business Uninor to a newly-formed company in order to carry out its operations and take part in the expected 2G auction.
Uninor is currently 67.25%-owned by Telenor while…
Norwegian telco Telenor has announced plans to transfer its existing Indian business Uninor to a newly-formed company in order to carry out its operations and take part in the expected 2G auction.
Uninor is currently 67.25%-owned by Telenor while Indian real estate conglomerate Unitech controls the remaining stake.
“This new entity will serve as the platform to approach the upcoming auctions for fresh licenses as mandated by the Supreme Court. As a part of this process, the new entity will also seek requisite approvals from the FIPB [Foreign Investment Promotion Board] to allow Telenor Group to take up 74% ownership,” it said.
Soon after the Supreme Court ordered the cancellation of 22 licences held by Uninor amid the 2G scandal, Telenor said it would start looking for a new partner in India and would seek indemnities from Unitech for the lost licences.
Today, the Norwegian company added that it has issued to Unitech “a notice of voidance of the current shareholders’ agreement with Unitech on account of fraud and misrepresentation on their part as established by the Supreme Court.”
But Nirjhar Goel, Unitech’s nominee on the Uninor board, had previously said: “We empathically deny that the cancellation of the UAS licences by the Hon’ble Supreme Court demonstrates a breach of any warranties on our part and the court also has not concluded any wrongdoing on the part of the licensee companies.”
