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to a successful business transfer and spectrum auction, all disputes and claims between the parties would be withdrawn," the statement said.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 All existing disputes with Telenor are suspended and will be withdrawn upon successful transfer of business of Uninor to a new entity controlled by Telenor," Unitech Chairman Ramesh Chandra said.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

India ranks below Bangladesh, Nepal in inclusive development index

India has fared worse than its neighbours: Nepal, Bangladesh, Pakistan and China, in an inclusive development index. World Economic Forum’s Inclusive Growth and Development Report 2017 said that India, with a score of only 3.38, ranks 60th among the 79 developing economies on the IDI (inclu

Steel policy to boost steel production to 300 million tonnes by 2030-31

Minister of steel Chaudhary Birender Singh chaired a meeting of the parliamentary consultative committee attached to the ministry of steel in New Delhi on initiatives taken by the steel ministry to enhance demand and production of steel in the country and status of completion of projects by the PSUs. 

Manufacturing growth has underpinned India’s economic performance: ILO

Manufacturing growth has underpinned India’s recent economic performance, which may help buffer demand for the region’s commodity exporters, said an International Labour Organisation (ILO) report. The report “World Employment Social Outlook - Trends 2017” said that ec

Demonetisation expected to temporarily dampen India’s oil appetite: Analysts

The dramatic rise in India`s oil demand shows no signs of faltering, leading analysts say that the country will remain a driver of Asian growth in 2017.  Consumption is expected to rise by 7-8% this year, outpacing China`s demand growth for the third consecutive year, said Platts Analytics i

Railway Budget: A new track

This time of the year, the corridors of Rail Bhawan on Delhi’s Raisina Road, would normally have been abuzz with activity as officials would be at work tightening the nuts and bolts of the railway budget. The exercise was so time consuming, officials would have to sometimes go without sleep. The effo

Troll charge on information highway

Narendra Modi, the prime minister of India, is a great fan of Twitter and other social-media forums. As chief minister, this gave him a tech-savvy image, helping to connect with youngsters. As prime minister, he has taken his love for social media to new heights, asking the ministers and ministries to incr

Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter