U-turn for Uninor

7 Aug 2012

The Times of India reports that the Delhi High Court has reversed an order from the Company Law Board (CLB) and allowed Uninor to go ahead with receiving expressions of interest from potential bidders for the cellco. The proposed auction was opposed by minority stakeholder in the joint venture, Unitech, which saw the sale as a means for majority owner Telenor to transfer the company’s assets to a third party. This is only the most recent skirmish in a long line of legal battles between Unitech and Telenor over the future of the JV since the Supreme Court revoked the operating licences of the cellco in February this year. After Uninor put forward the proposal to auction the business, Telenor offered to pay INR41.9 billion (USD749.4 million) for the business if no other bidder expresses interest before 6 August, though the Delhi Court has ordered that it accept expressions of interest until 8 August.

India, Telenor Group, Telenor India