India’s Company Law Board (CLB) has asked real estate conglomerate Unitech to decide whether it wants to buy out Telenor’s 67% stake in Uninor or exit their mobile joint venture by 19 March, according to reports.
The two companies have been…
India’s Company Law Board (CLB) has asked real estate conglomerate Unitech to decide whether it wants to buy out Telenor’s 67% stake in Uninor or exit their mobile joint venture by 19 March, according to reports.
The two companies have been entangled in a dispute over their JV Uninor for the past months. But tensions reached a new high when the JV recently lost 22 2G licences, which were illegally attributed in 2008 according to India’s Supreme Court.
Shortly after, in late February, Telenor blamed Unitech for this loss and announced that it was looking for a new partner in Uninor. It also said it would transfer the JV to a new entity. In response, Unitech said that Telenor “cannot transfer any assets of Uninor without the consent of Unitech because we have veto right in the shareholders’ agreement.”
Telenor was not immediately available for comment.
