Telenor’s Indian JV Uninor has been granted permission to auction off its assets by Delhi’s High Court, according to a statement from the company.
On 3 August, the Company Law Board (CLB), an independent Indian quasi-judicial body, blocked any…
Telenor’s Indian JV Uninor has been granted permission to auction off its assets by Delhi’s High Court, according to a statement from the company.
On 3 August, the Company Law Board (CLB), an independent Indian quasi-judicial body, blocked any auction until a further hearing on 8 August, following a request from Telenor’s minority Indian partner Unitech.
However, Uninor stated that today’s ruling from the High Court overturns that decision: “With today’s decision of the Honorable High Court of Delhi, Uninor is able to proceed with its steps towards the auction and seek expressions of interest as planned.”
Last week, Uninor, which is 67.25%-owned by Norwegian telco Telenor, announced its intention to sell its assets. Shortly after, Telenor confirmed it was looking to bid in the auction.
Telenor and Unitech have been entangled in a dispute over the management of Uninor for months, and Telenor has previously said it is looking for a new partner in the JV.
