Telenor-Unitech battle out in the open as Norwegian firm ends partnership

Telenor wants to drop its Indian joint-venture partner Unitech after the Supreme Court revoked their mobile licences in the country and is seeking a new local partner, the Norwegian telecoms firm said on Wednesday.

“Telenor Group holds Unitech Ltd liable for the breach of warranties related to the cancellation of the licenses - seeking compensation for all investment, guarantees and damages caused by the Supreme Court Order,” the firm said in a statement.

[caption id=“attachment_214737” align=“alignleft” width=“380” caption=“Reuters”]  [/caption]

“It is Telenor Group’s position that the strategic partnership with Unitech Limited does not have a future, and it therefore will start the process of looking for a new Indian partner.”

More from Business

Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution

Meanwhile Unitech has responded saying ‘SC order cannot be considered as our breach of warranties’ and that they are surprised to receive indemnity claim from Telenor. Unitech emphatically denys cancellation of UAS is a breach of warranties. Unitech says Telenor has violated confidentiality covenants and that at best it can claim damages from Government of India. The Indian Telecom firm said that damages can be claimed under investment bilateral treaty, if Telenor still wishes to press ahead.

Meanwhile the Indian firm has exerted that it will reserve the right to take legal action against Telenor for damages, if damaged are caused due to breach in confidentiality.

Impact Shorts

More Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

As Trump weaponises tariff, Fed sees a bigger worry: Not jobs, but rising prices in America

With inputs from Reuters