Indian real estate conglomerate Unitech is seeking US$150m from Norway’s Telenor to exit their mobile JV Uninor, according to local newspaper the Economic Times citing a person close to the matter.
Earlier this month, India’s Company Law Board (CLB)…
Indian real estate conglomerate Unitech is seeking US$150m from Norway’s Telenor to exit their mobile JV Uninor, according to local newspaper the Economic Times citing a person close to the matter.
Earlier this month, India’s Company Law Board (CLB) had asked Unitech to decide whether it wanted to buy out Telenor’s 67.25% stake in Uninor or sell its 32.75% stake by 19 March.
Unitech was unavailable for comment while Telenor declined to comment on the rumour.
Unitech reportedly explained that it invested US$125m in Uninor and spent another US$25m before divesting a majority stake to Telenor in 2009 for US$1.2bn.
Meanwhile, other reports suggest that talks over valuation have been inconclusive and that a new hearing on the matter is scheduled for 26 March.
Telenor and Unitech companies have been embroiled in a dispute over the management of their JV for the past few months.
But tensions recently culminated when the JV lost 22 2G licences, which were illegally attributed in 2008, according to India’s Supreme Court.
