Unitech offers to sell Uninor stake to Telenor: report
24 March 2012
Unitech, primarily a realty firm, has sought about $150 million from Norway's Telenor for its 32.7 per cent stake in their telecom joint venture Uninor and end the bitter dispute between two partners, according to an Economic Times report.
Unitech has made this proposal to the Company Law Board, after the body had asked the company to decide by 19 March to either buy out the 67.25 per cent stake held by Norway's Telenor or exit the joint venture, the report said citing unnamed sources close to the development (See: Buy Telenor stake or opt out of JV, CLB tells Unitech).
Unitech's offer takes into account that it invested about $125 million as equity into Unitech Wireless and spent another $25 million in the initial phase before divesting a majority stake to Telenor. The CLB will hear the issue again on Friday.
A Unitech spokesperson refused to comment.
A Telenor spokesperson said in reply to a query, "Both parties have been asked by the CLB not to comment on the proceedings that took place within closed chambers. On our part, we will respect the directions of the CLB.
''What we have earlier stated it is that the partnership with Unitech is over, and it is our intention to form a new company to which Uninor's assets can be transferred. This company will form the platform with which we will approach the upcoming auction."