Unitech has offered to buy Norwegian partner Telenor’s 67.25 per cent stake in their joint venture, Uninor for Rs 2.69 billion.
The offer was made in a petition before the Company Law Board, in which it said that Telenor and its executives had engaged in oppressive and mala-fide actions.
Prior to this, on October 4, 2011, Telenor had said that it valued its India telecom venture at Rs 28 per share, pegging Uninor’s value, excluding debt, at Rs 4 billion.
Telenor had bought its stake in 2009 in a deal that valued the company at Rs 91 billion.
Unitech, in its petition, said that Telenor’s comments showed that in a span of two years, the value of the company (as per Telenor) had been reduced to Rs 4 billion.
It added that if Telenor considered the value of the Indian venture to be Rs 4 billion, it was willing to buy out the Norwegian company’s shares at this price.
