FIPB defers Uninor rights issue decision

30 Jul 2012

In response to protests from Unitech and queries from the Department of Telecommunications (DoT), the Foreign Investment Promotion Boad (FIPB) has deferred a decision on Uninor’s application to raise funds through a rights issue. According to local news outlet NDTV Profit, the DoT raised concerns regarding Uninor’s future investors, as the cellco is likely to breach the 74% foreign investment cap. As previously reported by CommsUpdate, Unitech, the Indian stakeholder partnered with Telenor of Norway in joint venture Uninor claimed that it had not given its assent to the rights issue and saw the move as an attempt by Telenor to indirectly introduce a new partner.

India, Telenor India