The new deal puts the enterprise value -- the sum of a company's market capitalisation plus debt minus cash - of this new-generation mobile services company floated by Delhi-headquartered real estate major Unitech at Rs 10,520 crore (Rs 105.2 billion), against Rs 11,620 crore (Rs 116.2 billion) in the agreement signed on October 28, 2008. At the adjusted rate, the company's equity value stands at Rs 9,100 crore (Rs 91 billion).
Telenor 'yet again surprised', says will challenge order in a higher court
Unitech has already got a stay on the rights issue from the Gurgaon district court, while Telenor's appeal against this decision has been declined by the Punjab and Haryana high court.
Norway-based telecom company Telenor has raised its stake in its Indian joint venture with Unitech Wireless to 60.1 percent from 49 percent at an investment of Rs 1,493 crore.
Telenor wanted to scrap the JV with Unitech and migrate the business to a new company to seek fresh operating licences.
Unitech said it would exit the telecom JV with Telenor by disposing of its entire shareholding in Uninor and both the parties have amicably settled all legal disputes between them.
Norwegian firm Telenor, the majority partner in Uninor, has asked Sanjay Chandra to step down from the post of Chairman of Unitech Wireless in the wake of ongoing 2G court case.
Telenor suggested that he be replaced by another representative of the promoters.
Sun Pharma promoter Shanghvi's brother-in-law Sudhir Valia to pick 26%
Says got govt clearance in investments in Unitech Wireless.
After building a subscriber base of nearly 50 million in about eight chequered years, it finally gave up as it saw itself up against a 600-pound gorilla that breezed through double that many subscribers in a fraction of that time, says N Sundaresha Subramanian.
Sigve Brekke, vice president and Asia-head of the Norway-based mobile major Telenor has played a big role in Telenor's aggressive Asian foray. Brekke spoke of his plans for Telenor's joint venture with real-estate firm Unitech.
Bharti to spend Rs 1,600 cr for spectrum payout over 10 yrs; Telenor to service its own debt.
The phenomenon is a little difficult to explain. According to the Supreme Court's order, all telecom service licences given in 2008, during the A Raja regime, have to be cancelled by June 2. The licencees will have to return the spectrum they received to host telephony services.
Idea takes the matter back to Supreme Court as cancellation-hit telcos make decisive moves.
The Supreme Court on Thursday directed that former Unitech promoters Sanjay Chandra and Ajay Chandra be shifted from Tihar Jail in Delhi to Mumbai's Arthur Road Jail and Taloja prison in Maharashtra after the ED said they were conducting business from the premises in connivance with the staff.
The Norway-based firm, Telenor, entered India through a joint venture with Unitech Wireless.
Foreign companies miffed at Indian partners for irregularities, rising debt.
Taking mobile tariffs to a new low, telecom service provider Uninor, a joint venture between Unitech and Norwegian firm Telenor, on Frday announced call charges as low as 20 paise per minute.
Telenor of Norway and Sistema of Russia - on Friday asserted that they would take legal measures.
Uninor and Etisalat DB were given preferential treatment by A Raja, says CBI
Telecom tribunal TDSAT on Thursday reserved judgement on new operator Uninor's petition challenging Telecom Ministry's drive to impose penalty on telcos that did not roll out services within the stipulated period.
It wants subscribers who are 'active' on its network.
For over a year Sanjay Chandra, managing director of the Unitech group, has been under a cloud for various reasons.
Even more curious, while the law says foreigners can have only up to 74 per cent equity in a telecom firm in India, the 3G Information Memorandum says foreigners can bid without having Indian partners if they win the bid, they can then set up an Indian firm and comply with the rules.
Addressing a hurriedly called press conference to clear his position in the wake of Left parties demanding a probe, alleging Rs 60,000 crore (Rs 600 billion) loss to the exchequer in spectrum allocation, the minister said that Trai recommendations were followed in letter and spirit.
In a major reform push, government on Thursday approved 100 per cent foreign direct investment (FDI) in the telecom sector, meeting a key demand of the fund-starved industry.
A decline in the real estate sector, rising debt and the company's alleged involvement in 2G scam caused damage to the business and its image.
The telephone subscriber base was 996.49 million at the end of March.
Likely to seek FIPB approval to raise holding; deal could bring FDI of about $696 mn.
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