TNI Bureau: Unitech Ltd strongly opposed Norway’s Telenor-controlled Uninor, which is planning to auction all of its telecom business before the deadline September 7 set by the Supreme Court of India.
Unitech is a minority stakeholder of Uninor. It opposed the Uninor proposal to auction assets. It said that the auction notice can be termed as illegal.
Unionor said that it will auction the company’s business, including its assets, before the September 7 – the deadline set by the apex court for winding up of operations of all the firms whose licences have been cancelled.
Uninor said that auction will help the company to generate the maximum possible returns for its creditors and secure good future for its customers, employees and business partners in the hands of new ownership.
Telenor, which holds 67.25 per cent in Uninor, is keen to acquire the business in the auction
Telenor Asia Pte Ltd has indicated that it will participate through an Indian affiliate entity in the auction.