Telenor to migrate India business into new entity
Norwegian telecoms group Telenor plans to form a new entity in India and will migrate its existing business, including customers and employees, into the new company, it said in a statement.
Norwegian telecoms group Telenor plans to form a new entity in India and will migrate its existing business, including customers and employees, into the new company, it said in a statement on Tuesday.
The Norwegian telecom major Telenor Group today announcedplans to set up a new company for carrying out its Indian operations post Supreme Court quashing its 22 licenses.Telenor also sought damages from Unitech accusing it of "fraud and misrepresentation" of facts based on which it hadinvested over Rs 6,000 crore in the joint venture with the real estate firm.
"Telenor Group has issued to Unitech a notice of voidanceof the current shareholders' agreement with Unitech on accountof fraud and misrepresentation on their part as established bythe Supreme Court judgement," Telenor Group DirectorCommunications (Asia) Glenn Mandelid said in a statement.
The Norweigan firm wants to transfer the business thatwas being done under the Uninor brand to the new company, where it will hold 74 per cent stake and may rope in aminority Indian partner.
Expressing shock at Telenor's announcement, Unitech in astatement said, it "cannot be held responsible" forcancellation of licenses and shareholders agreement "cannot beterminated by any party unilaterally".
Telenor said the new entity will serve as the platform toapproach the upcoming auctions for fresh licenses as mandatedby the Supreme Court."As a part of this process, the new entity will also seekrequisite approvals from the FIPB to allow Telenor Group totake up 74 per cent ownership," Mandelid said.
Telenor will seek to transfer Uninor's business, andseamlessly migrate its customers and employees, to the newcompany, Mandelid added."Till such a time, Uninor operations continue as before,"
It added that it issued Unitech, its previous partner, a notice of voidance of the current shareholders' agreement with Unitech Ltd on "account of fraud and misrepresentation."
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