The Norway-based the telecommunications Group, Telenor is likely to buy out its joint venture firm Uninor for Rs 41.9 billion in case there are no bidders for buying the Indian telecom player?s assets, say news reports.
Uninor is a joint venture between Telenor and India?s real estate developer Unitech. The promoters of Uninor have invited bids to sell off their business in the country. For bidding, the reserve price for Uninor?s assets has been set as
Rs 40 billion. The reserve price for Uninor?s assets is based on a valuation recommended by consultancy firms Deloitte and KPMG.
Uninor has been struggling with its operations in the country. Uninor?s licencese were amongst the 122 2G licences cancelled by the Supreme Court order in February 2012. The operator?s licences are valid till September 7, 2012. If it fails to sell off its business by that date, it will be left with no option but to liquidate its business.
Currently, Uninor has about 46 million customers in the country.
