Unitech to sell its Uninor stake to Telenor

Telenor wanted to scrap the JV with Unitech as the JV's 22 telecom permits were among the 122 quashed by the Supreme Court

PTI | October 11, 2012



Realty firm Unitech on Thursday said it would exit from telecom joint venture with Norway's Telenor by disposing of its entire shareholding in Uninor and both the parties have amicably settled all legal disputes between them.

Telenor wanted to scrap the JV with Unitech and migrate the business to a new company to seek fresh operating licences as the JV's 22 telecom permits were among the 122 quashed by the Supreme Court in February.

Both the partners had filed cases against each other in courts and Company Law Board. In the JV, Telenor has 67.25 per cent stake, while Unitech's shareholding is 32.75 per cent.

"Telenor and Unitech are pleased to announce that on October 10, 2012, they have reached an agreement to amicably settle all disputes between the two parties," the realty firm said in a statement.

As per the agreement, Unitech and Telenor have agreed to transfer the business in Unitech Wireless (which operates under Uninor brand) to a new entity controlled by the latter.

Unitech said it has "agreed to dispose of its shareholding in Uninor for a nominal amount" and its nominees will withdraw from the Uninor Board with immediate effect.

"Subsequent to a successful business transfer and spectrum auction, all disputes and claims between the parties would be withdrawn," the statement said.

With the settlement of disputes with Telenor, Unitech Group will focus on its core business of real estate and monetise its land parcels across the country to enhance the stakeholder's value.

"We are pleased with the settlement reached between Unitech and Telenor. All existing disputes with Telenor are suspended and will be withdrawn upon successful transfer of business of Uninor to a new entity controlled by Telenor," Unitech Chairman Ramesh Chandra said.

Comments

 

Other News

Now on stands: Your drug may be spurious

Indu Gilra, a retired teacher in her seventies living in Indirapuram, Ghaziabad in the national capital region (NCR), would often pop a tablet of Combiflam at the slightest hint of body ache. Since it’s an over-the-counter medicine, she could purchase it anywhere and it had always worked. One day, ho

RTI Act: Why citizens must send a strong message to MPs

There is a very disturbing news report about the entire political spectrum agreeing that RTI is misused and some constrictions and impediments should be developed to muzzle it. This is indeed a sad state of affairs. Samajawadi Party MP Naresh Agarwal has leveled a charge that the Indian par

Demolish Adarsh society building, orders Bombay high court

 The Bombay high court on Friday directed the Centre and the ministry of environment and forests to demolish the scam-ridden Adarsh Housing Society in south Mumbai. The court also ordered an inquiry against politicians, ministers and officers who were involved in the scam. The court directed

BJP forges alliance with lesser known parties

National leaders of the Bharatiya Janata Party are starting their campaign in Tamil Nadu Saturday onwards forging alliance with eight fringe parties, led with not so well-known candidates, for the upcoming assembly polls. There are murmurs among party members over these fringe parties having

All you wanted to know about insolvency and bankruptcy code

Before making an investment, an investor has to consider not only the best-case scenario but also the worst-case scenario – unless a unit is allowed to close down properly if the business goes wrong, investment can become all the more risky. In that regard, the government has proposed

How India’s own GPS will improve our lives

From finding directions to checking traffic and locating nearby cool hangout places, we cannot imagine our lives without the old and faithful buddy GPS. But so far we had to depend on the US’s global positioning system (GPS) for such a ubiquitous application. Now, the Indian Space and Research Organi

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter