Unitech Limited would like to reiterate certain facts which are being misreported with reference to Unitech Limited and its telecom joint venture (JV) with the Telenor Group, Uninor. Unitech Limited. has not sold any shares held by it in Uninor to the Telenor Group. It is highly incorrect to allege that any favour was shown to Unitech during the license process. Unitech Limited. obtained the telecom licenses (through its 8 wholly-owned subsidiaries) along with 8 other players, after complying with the necessary formalities prescribed in the applicable DoT guidelines at a cost determined by the Government.
While the licenses were issued in February 2008, the first round of investment from Telenor in Uninor was received after 13 months in March 2009 and the fourth round in February 2010 after receiving all requisite clearance. The Telenor Group has invested Rs 61.35 billion in fresh shares over four rounds of investments, linked to milestones. This additional capital, from Telenor, has come into Uninor and remains within Uninor and this has not gone to any promoter to result in any profits.
Uninor is a serious player in the market and over the past 4 months it has consistently added over 2 million new subscribers each month and today has over 20 million subscribers. Uninor has emerged as the 2nd or 3rd largest operator in terms of subscriber additions pan India ? and the number 1 in many circles making it one of the fastest growing Telecom Services Companies in India.
