Norwegian operator will pay its Indian partner a ‘nominal amount’ for Unitech Wireless.
Telenor ASA of Norway is moving ahead with plans to exit Indian telecommunications joint venture Unitech Wireless Ltd. following the settlement of a long-running dispute with former local partner, real-estate company Unitech Ltd.
Telenor will pay Unitech Ltd. a “nominal” amount for Unitech Wireless, the companies said in a joint statement Thursday.
The statement did not elaborate, citing “confidentiality obligations.”
“Subsequent to a successful business transfer and spectrum auction, all disputes and claims between the parties shall stand withdrawn/concluded,” the statement said.
Unitech has agreed to the transfer of all assets to the new company to be formed by Telenor, the statement said.
Telenor held 67% of Unitech Wireless before this agreement.
Unitech Wireless is one of several companies affected by a February Supreme Court order cancelling as many as 122 telecom licenses issued in 2008.
Telenor bought its stake in Unitech Wireless in late 2008.