India's realty firm Unitech Ltd today said that it has reached an agreement to amicably settle all disputes with its Norway's Telenor and it would exit from telecom joint venture Uninor by disposing of its entire shareholding and both the parties have amicably settled all legal disputes between them.
Telenor wanted to scrap the Joint Venture with Unitech (known as Uninor) and migrate the business to a new company to seek fresh operating licences as their 22 circles licences were canceled by Supreme Court in 2G verdict and asked the Government to conduct fresh auctions.
Now Unitech and Telenor both the parties agree to support the transfer of the business in Unitech Wireless (Uninor) to a new entity (NewCo) controlled by Telenor. Telenor is preparing to participate in the upcoming 2G spectrum auction through this new entity, but will take a final decision on whether to participate at a later date.
