SME Times is powered by   
Search News
Just in:   • Sensex closes 98 pts up, capital goods stocks zoom  • Govt to launch a National Skills Mission soon  • Tyre industry wants correction in duty structure  • India's budget: Mood mixed at Moody's  • Bajaj Auto's February sales down 22 percent 
Last updated: 27 Sep, 2014  

Uninor.9.Thmb.jpg Telenor, Unitech reach settlement on Uninor joint venture

Uninor.9.jpg
   Top Stories
» Reconsider demands of garment sector in Budget, urges AEPC
» FM allocates Rs 20,000 cr to MUDRA Bank to enhance credit for SMEs
» Union Budget aims at structural changes with focus on infra: FIEO
» Govt urges opposition to back land act amendment
» Petrol, diesel rates hiked by over Rs.3 a litre each
SME Times News Bureau | 11 Oct, 2012
Norway's Telenor and India-based Unitech have reached an agreement to amicably settle all disputes between the two parties.

The two firms run telecom business in India -- Uninor -- under a joint venture with Telenor having over 67 percent share. Unitech owns the rest.

Earlier this year, Telenor served a divorce notice to Unitech and sought compensation from the firm following the Supreme Court's order to cancel 122 telecom licences.

"It can be confirmed that the parties agree to support the transfer of the business in Unitech Wireless (Uninor) to a new entity controlled by Telenor," Telenor said in a statement Thursday.

Telenor is preparing to participate in the upcoming 2G spectrum auction through this new entity, but will take a final decision on whether to participate at a later date.

The firm, however, refrained from providing further comments on specific terms and conditions citing confidentiality obligations.

However, it said that Unitech has agreed to dispose of its shareholding in Uninor for a nominal amount.

The statement also said that Unitech nominees will withdraw from the Uninor board with immediate effect and all special shareholder rights stand suspended.

Subsequent to a successful business transfer and spectrum auction, all disputes and claims between the parties shall stand withdrawn, it added.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
62.30
61.30
UK Pound
95.35
93.20
Euro
73.70
71.90
Japanese Yen 53.15 51.95
As on 03 Mar, 2015
  Daily Poll
Do you agree that Jaitley's Union Budget 2015-16 has neglected the SME sector?
 Yes
 No
 Partially Agreed
  Commented Stories
» Budget 2015: Will MSMEs get a booster?(8)
» Starting an import export business: Basic guide for beginners(7)
» Late payment: RBI move not enough for SMEs(3)
» Centre to set up Nabard subsidiary for easy loans to SMEs(2)
» Odisha chit fund scam: Charge sheet against Micro Finance Ltd(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter