Indian real estate company Unitech has opposed a proposal by its joint venture partner, Norway’s Telenor, to raise Rs12bn (US$214.5m) through a Uninor rights issue, according to local reports.
Telenor controls 67.25% of Indian mobile JV Uninor while…
Indian real estate company Unitech has opposed a proposal by its joint venture partner, Norway’s Telenor, to raise Rs12bn (US$214.5m) through a Uninor rights issue, according to local reports.
Telenor controls 67.25% of Indian mobile JV Uninor while Unitech holds the remaining stake.
Unitech reportedly claims that Uninor approached the Foreign Investment Promotion Board (FIPB) regarding the rights issue without approval of its board nominees.
The two companies have been entangled in a dispute over the management of Uninor for many months now. In early 2011, another Uninor rights issue had been brought to a halt after Unitech reportedly claimed that the transaction was not in the best interests of the shareholders.
The row culminated in February this year when Uninor had its 2G licences revoked amid the 2G scam saga. Shortly after, Telenor announced it was seeking a new partner in Uninor.
Telenor and Unitech were not available for comments before the press deadline.
