IBN Live 1 August 2012
New Delhi: Intensifying row with its minority stakeholder, Norway’s Telenor-controlled Indian venture Uninor on Wednesday put on auction its entire telecom business for a minimum of Rs 4,000 crore, a move opposed strongly by Unitech.
The Nordic countries’ biggest phone operator wants to scrap the joint venture with Unitech and migrate its 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.
Telenor, which holds 67.25 per cent in Uninor, is keen to acquire the business to protect its Rs 14,000 crore investment and retain 45 million customers. It will pay Rs 4,190 crore in case no one else turns up in the auction, Unitech Wireless Pvt Ltd that operates under the Uninor brand, said in the auction notice. Unitech hold 32.75 per cent stake in Uninor.