Telenor India JV board approves auction of business

Invites interests from potential bidders by Aug 6 Unitech opposing move

Bs_logoImage
Reuters New Delhi
Last Updated : Jan 25 2013 | 4:04 AM IST

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 Ltd is opposing.

The JV, Unitech Wireless (Tamil Nadu) Pvt, has invited interests from potential bidders by August 6, 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 Ltd, which owns just under a third of the JV, said they would take legal action against the proposed auction.

 

Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories

  • Over 30 subscriber-only stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 01 2012 | 10:19 AM IST