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Telenor looks for new Indian JV
TT Correspondent |  |  22 Feb 2012

Norwegian telecom major Telenor Group on Tuesday said that it is looking for a new Indian joint venture following Supreme Court verdict cancelling 122 spectrum licences allotted during 2008.

The group is set to lose 22 licences after the apex court order.

"Telenor Group has issued to Unitech a notice of voidance of the current shareholders' agreement with Unitech on account of fraud and misrepresentation on their part as established by the Supreme Court judgment", said Telenor Group Director Communications (Asia) Glenn Mandelid.

 Telenor has demanded damages from Unitech accusing it of "fraud and misrepresentation" of facts based on which it had invested over Rs.6,000 crore in the joint venture with the real estate firm.

“As a part of this process, the new entity will also seek requisite approvals from the FIPB to allow Telenor Group to take up 74 percent ownership”, Mandelid said.

Uninor, over period of two years, has secured over 40 million customers, a workforce of over 17,500 and a distribution network with more than 4 lakh points of sale, the statement said.

Unitech last week had said that it would contest the compensation demanded by its Norwegian partner for cancellation of telecom licence saying that Supreme Court has raised multiple questions on the government policy which in no manner can be considered as breach of warranties on its part.

 

"The Supreme Court has cancelled all the UAS licences and spectrum granted on and after January 10, 2008, and has raised multiple questions on the government policy which in no manner can be considered as breach of warranties on the part of Unitech limited," Unitech statement said.

 

Telenor has held Unitech is responsible for the cancellation for Uninor licences seeking "indemnity and compensation" from the latter hinting that is looking for new Indian partner to continue its business in India.

 

"Telenor Group holds Unitech liable for the breach of warranties related to the cancellation of licences – seeking compensation for all investment, guarantees and damages caused by the Supreme Court order," Telenor said in a statement last week.

 

Telenor Group has invested over Rs 6,100 crore in equity and over Rs 8,000 crore in corporate guarantees as a foreign investor and the company holds 67.25 stake in Unitech Wireless, which own brand Uninor.

 

"The Supreme Court has cancelled all the UAS licences and spectrum granted on and after January 10, 2008, and has raised multiple questions on the government policy which in no manner can be considered as breach of warranties on the part of Unitech limited," Unitech statement said.

    
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22 Feb 2012(IST)  
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