Unitech open to selling stake, but disagrees with price

23 Mar 2012

Unitech has said that it is open to selling its stake in Uninor to its joint venture partner, Norway’s Telenor, provided that the valuation is right, reports the Wall Street Journal. Following the cancellation of the cellco’s concessions by the Supreme Court last month, Telenor announced that it would split from Unitech and seek a new partner in India. The pair are currently having their case arbitrated by India’s Company Law Board (CLB): as previously reported by CommsUpdate, Unitech was told by the CLB to decide whether to sell its stake, or buy-out Telenor.

However, the pair are now disagreeing over the price; Unitech holds that Uninor is valued between INR100 billion and INR120 billion (USD1.9 billion and USD2.3 billion), whilst Telenor values the company at a far lower INR4 billion – INR8 billion.

India, Telenor Group, Telenor India