?
In continuation of the dispute between Unitech and Telenor, it is believed that the latter has sent an indemnity notice to Unitech, asking it to reimburse the financial implications of losing its telecom licence in the country.
Further, Telenor has reportedly begun the process of roping in a new partner to continue its operations in India. The company hopes to conclude this process before the spectrum auctions.
It is believed that the partner entity will hold 26 per cent stake in the resulting joint venture, as per the country?s foreign direct investment policy.
Uninor was one of the players affected by the SC?s decision of cancelling 122 mobile licences issued in 2008. The development makes a sharp dent in an already tense relationship between the two partners over the rights issue.
Last month, Telenor valued its Indian operations at about Rs 6 billion, escalating the conflict with Unitech, which did not agree with the assessment. Unitech has also offered to buy out Telenor’s 67.25 per cent stake.
Telenor had paid Rs 61 billion to buy 67.25 stake in Uninor in 2009. It subsequently invested another Rs 80 billion into the business.
