Norwegian telecom firm Telenor ASA indicated that it will end ties with
real-estate developer Unitech saying it would seek indemnity and
compensation after the Supreme Court of India scrapped Uninor’s 22
licences in 2G case.
Telenor said that the Company has lost faith in Unitech and it would seek a new partner to develop telecom service in India. Unitech was the joint venture partner of Telenor. It had entered India by buying 67.25 percent of Unitech Wireless, an arm of Unitech.
The Norwegian major has invested 8.9 billion kroner ($1.54 billion) for its stake in Uninor, and over 8.1 billion kroner in corporate debt guarantees in the venture.
Telenor said in a statement late on Wednesday that the partnership with Unitech does not have future and it will start looking for a new Indian partner to continue providing services in the country. The company is prepared to participate in a new spectrum auction if no alternatives are available.
The statement came after the Supreme Court scrapped 122 telecom licenses on February 2, given to nine companies in January 2008, in the massive multi-crore 2G scam.
The 2G verdict was a big blow to the companies included Unitech Wireless Ltd (Uninor), STel Ltd, Videocon, Dynamix Balwas (Etisalat DB), Loop, Sistema Shyam Teleservices Ltd as well as Idea Cellular and Tata Teleservices Ltd.
Telenor said that the Company has lost faith in Unitech and it would seek a new partner to develop telecom service in India. Unitech was the joint venture partner of Telenor. It had entered India by buying 67.25 percent of Unitech Wireless, an arm of Unitech.
The Norwegian major has invested 8.9 billion kroner ($1.54 billion) for its stake in Uninor, and over 8.1 billion kroner in corporate debt guarantees in the venture.
Telenor said in a statement late on Wednesday that the partnership with Unitech does not have future and it will start looking for a new Indian partner to continue providing services in the country. The company is prepared to participate in a new spectrum auction if no alternatives are available.
The statement came after the Supreme Court scrapped 122 telecom licenses on February 2, given to nine companies in January 2008, in the massive multi-crore 2G scam.
The 2G verdict was a big blow to the companies included Unitech Wireless Ltd (Uninor), STel Ltd, Videocon, Dynamix Balwas (Etisalat DB), Loop, Sistema Shyam Teleservices Ltd as well as Idea Cellular and Tata Teleservices Ltd.
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