Unitech seeks to restrain Telenor from any new India telco JV

Mar 31, 2012 |

Reuters

mumbai

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Unitech Ltd said it has applied to a local court seeking to restrain Norway's Telenor from investing in any new telecoms venture in India that would compete with companies' existing joint venture.

Unitech, a property company, is also seeking an injunction against Telenor's plans to transfer the joint venture's business to a new company, it said in a statement on Friday, adding the move was aimed at protecting its investments in the telecom business.

Telenor owns 67.25 per cent stake in the Indian telecoms joint venture, which operates under the Uninor brand, with the remainder held by Unitech.

The companies have been embroiled in a dispute after the JV's telecoms permits were ordered to be revoked by the Supreme Court, which ruled last month all permits awarded in a scandal-tainted 2008 sale be quashed in early June.

Telenor, which had bought into the venture after the permits had been granted, has accused Unitech of 'fraud and misrepresentation' and is seeking to migrate the joint venture business to a new company to seek licences in an auction.

Unitech is opposing Telenor's move. Both sides have appealed to the Company Law Board, a quasi-judiciary body, which resumed hearing the case this week.

With 41 million subscribers as of February, Uninor ranks eighth in the Indian market which has 15 mobile operators.

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