The differences between joint venture partners, Telenor and Unitech have intensified, after Telenor valued its Indian unit at over Rs 6 billion, say news reports.
In response, Unitech has termed the valuation as ‘bizarre’ and has said that the company is worth between Rs 110 billion-Rs 120 billion.
Telenor’s estimation of the value of its Indian unit is less than 7 per cent of what it was in 2009 when it picked up 67.25 per cent stake in the operator.
The conflict centres on Telenor?s proposal to launch a Rs 82 billion rights issue by Uninor. This has been opposed to by Unitech.
