No regrets for Telenor, lining up new partner to stay in market

14 Aug 2012

Norwegian telco Telenor, the majority owner of troubled cellco Uninor, has announced that it is close to clinching a deal with a new partner for a fresh start in the Indian telecom sector. The Economic Times reports that Telenor will take a 74% stake in the new entity, adding that it might be possible for the company to break even by 2013. The managing director of Uninor and head of Telenor’s Asia operations, Sigve Brekke said that despite problems with its current partner Unitech and regulatory uncertainty, Telenor had no regrets regarding entering the Indian market. Brekke went on: ‘We have already lined up new partners…We are also taking steps to moving our assets to the new company.’ Brekke added that he expected the asset transfer, currently being blocked by Unitech, to be completed before the spectrum auction and that the telco would not announce a new partner until it had completed the separation process with its current one.

India, Telenor India