Telenor is pulling out all stops to continue operating in the Indian telecom space.
Despite being involved in a dispute with its joint venture partner, Unitech, the company has chalked out a likely future roadmap for itself already.
As per news reports, the company plans to pump in over Rs 20 billion in the space. It has already invested Rs 145 billion in Uninor and is attempting to recover this amount.
Moreover, it is believed that the company is currently negotiating with five Indian companies to form an alliance to continue competing in the telecom space. As per news reports, the new company is expected to hold 26 percent stake in the new joint venture, while Telenor will hold 74 percent.
Meanwhile, its dispute with Unitech continues. Prior to this, it was reported that the company Law Board (CLB) had approved of Unitech?s request to attempt to resolve the issue through international arbitration in Singapore.
Unitech had approached the CLB under the provisions of the Arbitration and Conciliation Act in context of its stake dispute with Telenor. The real estate major had informed the CLB that arbitration was necessary to resolve the dispute.
The company had argued that Telenor had initiated the arbitration process as per the provisions of the Share Subscription Agreement. This was done to obtain indemnity. However, at the same time, the Norwegian company was rescinding the Share Holders Agreement. This, argued Unitech, was impractical, as both agreements were overlapping.
However, Telenor was deeply critical of Unitech?s attempts to obtain arbitration on the issue. It was reportedly considering filing an appeal in this context.
Now, Unitech has requested the Delhi High Court to give it an opportunity to present its argument before it passed its verdict on Telenor?s appeal.
