Indian real estate conglomerate Unitech has applied to a court in an attempt to prevent Norway’s Telenor from entering a new telecom joint venture in India or transferring their JV Uninor to a new entity, according to reports citing a Unitech…
Indian real estate conglomerate Unitech has applied to a court in an attempt to prevent Norway’s Telenor from entering a new telecom joint venture in India or transferring their JV Uninor to a new entity, according to reports citing a Unitech statement.
Unitech was not immediately available for comment before the press deadline.
Uninor is 67.25%-owned by Telenor and the rest by Unitech.
The two companies have been embroiled in a dispute over the management of Uninor for the past few months, which culminated when the JV lost its 2G licences in early February, in the wake of the country’s 2G scam.
Shortly after, Telenor blamed Unitech for the licence cancellation and announced 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.”
Both sides have appealed to India’s Company Law Board to seek resolution on the dispute.