 "Telenor India's board approves auction for business sale")
A majority of the board members of Telenor’s Indian mobile phone joint venture have decided to sell the business in an auction, according to an auction notice in a newspaper, which the Norwegian company’s partner Unitech is opposing.
[caption id=“attachment_399655” align=“alignleft” width=“380”]
The JV, Unitech Wireless (Tamil Nadu) has invited interests from potential bidders by 6 August.Reuters[/caption]
The JV, Unitech Wireless (Tamil Nadu) has invited interests from potential bidders by 6 August, its Managing Director Sigve Brekke said in the auction notice published on Wednesday in the Financial Express newspaper.
A spokesman for real estate firm Unitech which owns just under a third of the JV, said they would take legal action against the proposed auction.
Reuters