Unitech prices Uninor stake at €113m
Unitech Wireless wants around $150 million (€113 million) for its 32.7% stake in Indian operator Uninor, but majority partner Telenor appears unwilling to buy.
Telenor and Unitech have been in dispute over the fate of the Uninor venture ever since the supreme court ruled to revoke the spectrum licenses held by the operator and several others.
The nation's Company Law Board gave Unitech until last week to decide whether it wanted to sell its stake in the venture, or buy out Telenor's majority stake.
Unitech is now indicating it wants around $150 million for its stake, reflecting the investments the company has made in the venture, India's Economic Times reports. But Telenor has long asserted it simply wants to dissolve the partnership and make a fresh start in India with a new local partner.
The company claims it should not be required to buy out Unitech's stake, as without spectrum licenses, there is nothing to buy and the joint venture no longer exists. Telenor also recently sought compensation from Unitech over the damages caused by the license cancellation.
In a situation mirroring the experience of multiple international entrants into the Indian telecom market, Telenor entered its partnership with Unitech as a direct result of Unitech receiving the 2G license in 2008.
Uninor had attracted around 40 million customers since launch, but due to the supreme court's decision its licenses will be revoked in June.