Indian real estate conglomerate Unitech will exit the telecom industry to focus on its core activity, managing director Ajay Chandra was quoted telling the Economic Times.
This comes as the company is currently entangled in a heated dispute with…
Indian real estate conglomerate Unitech will exit the telecom industry to focus on its core activity, managing director Ajay Chandra was quoted telling the Economic Times.
This comes as the company is currently entangled in a heated dispute with Norwegian telco Telenor over the management of their Indian mobile joint venture Uninor.
In early February, 22 2G licences held by Uninor were cancelled by the Supreme Court, which they had been illegally attributed in 2008.
Shortly after, Telenor blamed Unitech for the licence cancellation and announced it was looking for a new partner in Uninor.
In late March, it was reported that Unitech was seeking US$150m to exit its 32.75% stake in Uninor but the two partners have reportedly so far failed to agree on a valuation.
Speaking to the Economic Times today, Chandra said that telecom is not Unitech’s core competency and that the company would therefore not bid for new 2G licences during the next auction, scheduled to take place within the next 12 months.
