Uninor auction attempt thwarted

6 Aug 2012

The Company Law Board (CLB) has stalled a proposed auction of wireless operator Uninor, after minority owner in the joint venture, Unitech called on the body to intervene. The Economic Times reports that Uninor called the CLB’s action as ‘unfortunate’, adding that it was now facing ‘a certain destruction of value when the licences will be cancelled, the only chance its employees had for sustained employment and for the customers to continue.’ As previously noted by CommsUpdate, majority owner of Uninor, Telenor of Norway, said it would bid for the business, offering to pay INR41.9 billion (USD749.4 million) if no other bidder expresses interest before 6 August.

India, Telenor India