Telenor Gets Approval To Sell Indian Operations Invites Proposals From Potential Bidders by August 6

By August 1st, 2012 AT 3:15 PM

Telenor Gets Approval To Sell Indian Operations Invites Proposals From Potential Bidders by August 6Telenor the joint venture partner in telecom operator Uninor Wireless, has received approvals from the majority of the board members to sell off its business, while its Indian partner Unitech Ltd is mulling of a legal recourse.

The joint venture, Unitech Wireless has invited proposals from potential bidders by August 6, 2012, its Managing Director Sigve Brekke said in a public notice.

Telenor would participate in the forthcoming 2G auctions through an Indian affiliate company and in case there is just one bidder, it would have the right to fix the bid price at a “fair market value” of Rs 4,190 crore ($753 million), it said.

Telenor which had decided to scale down operations across Tamil Nadu, Kerala, Karnataka and Orissa circles in India as reported earlier, will scrap the joint venture with real estate major Unitech and migrate its business to a new company. The Norwegian company also intends to seek fresh 2G licences and commence operation through the new company.

Simultaneously, it will strengthen its operations in Uttar Pradesh-East, Uttar Pradesh-West, Bihar and Jharkhand, Kolkata, West Bengal, Andhra Pradesh, Mumbai, Maharashtra and Goa, and Gujarat.Telenor holds controls the JV with a 67.25 per cent ownership. Interestingly, Telenor is yet to finalise its joint venture partner.

Unitech’s nominee directors on the company’s board have recorded their dissent to selling off assets through an auction. The Indian company is also planning to take legal action against the proposed auction. The decision to sell off the business is attributed to the ongoing regulatory uncertainties.

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Sayan ChattopadhyayNayansachinProximusabhijith Recent comment authors
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Sayan Chattopadhyay
Sayan Chattopadhyay

Nayan : Frnds in west bengal many place are present there tata docomo have no network but uninor have network. When any falss deduction in ur uninor number just call 777(kolkata) tollfree number flow Ivr. After 3day u recever ur full balance (without any complne launche). So i think this system to launch pan india. Tata docomo in kolkata good coverge bt not west bengal. Now tata docomo do many falss deduction after call c.c then u recived half amount of the deduction. yes in wb uninor is better than docomo, aircel and idea in coverage and sometimes it is… Read more »

Nayan
Nayan

Frnds in west bengal many place are present there tata docomo have no network but uninor have network. When any falss deduction in ur uninor number just call 777(kolkata) tollfree number flow Ivr. After 3day u recever ur full balance (without any complne launche). So i think this system to launch pan india. Tata docomo in kolkata good coverge bt not west bengal. Now tata docomo do many falss deduction after call c.c then u recived half amount of the deduction.

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