Telenor Group which operates Mobile service under the brand Uninor in Indian market today issued a notice to its Indian strategic partner Unitech, that it will seek indemnity and compensation following the cancellation of Uninor’s 22 licenses by the Supreme Court of India.
The company cites that it will consider every option available to secure the continued successful development of its mobile services in the country.
It is Telenor Group’s position that the strategic partnership with Unitech Limited does not have a future, and it therefore will start the process of looking for a new Indian partner.
The Supreme Court of India on February 2 passed an order to revoke 122 licenses issued to all operators on and from January 10, 2008. This included all licenses issued to Uninor. The Supreme Court decision refers to actions that happened prior to Telenor Group’s entrance into India.
In the share subscription agreement between the partners, Unitech Ltd. has irrevocably and unconditionally agreed to indemnify and hold harmless the Telenor Group from all damages which may be suffered as a result of breach of any of the agreed warranties.
Now it looks like Telenor is serious about its Indian operations . Now how do you look at this move do let us know via comments.
No comments:
Post a Comment