As per the agreement, Unitech and Telenor have agreed to transfer the business in Unitech Wireless (which operates under Uninor brand) to a new entity controlled by the latter. "Telenor and Unitech are pleased to announce that on October 10, 2012, they have reached an agreement to amicably settle all disputes between the two parties," the realty firm said in a statement.
The deal ensures that the entire equity that Unitech has pumped in of around Rs 638 crore plus something else will eventually come back after the liquidation of this mobile joint venture firm. Telenor has already sort of made its intentions clear that it wants to rebid for spectrum in India or rather bid for spectrum in the auction with a new partner. That was the reason that both companies were slugging it out in various legal forums where Unitech was trying to block this deal.
Telenor wanted to scrap the JV with Unitech and migrate the business to a new company to seek fresh operating licences as the JV's 22 telecom permits were among the 122 quashed by the Supreme Court in February. Both the partners had filed cases against each other in courts and Company Law Board. In the JV, Telenor has 67.25 percent stake, while Unitech's shareholding is 32.75 percent.
As far as Unitech is concerned its investments so far will be recovered post the liquidation. The exact amounts and figures are not being disclosed at this stage. Unitech said it has "agreed to dispose of its shareholding in Uninor for a nominal amount" and its nominees will withdraw from the Uninor Board with immediate effect.
As far as the claims by Telenor on Unitech -- and there were several such claims that had been raised for almost Rs 6,500 crore plus 18 percent interest -- that entire overhang disappears. For Telenor, which has invested a substantial money in its Indian operations, what it really means is that by October 16 -- when the application process for the 2G auction will sort of pick up pace -- Telenor will be able to put in a application to participate in the auction and ultimately bring in a partner which under law only needs to be 26 percent.
With the settlement of disputes with Telenor, Unitech Group will focus on its core business of real estate and monetise its land parcels across the country to enhance the stakeholder's value.
Post the announcement, Unitech shares climbed over 12 percent, currently quoting at Rs 25.95 apiece.
Anda sedang membaca artikel tentang
How the Unitech-Telenor settlement works for both parties
Dengan url
https://kesehatanda.blogspot.com/2012/10/how-unitech-telenor-settlement-works.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
How the Unitech-Telenor settlement works for both parties
namun jangan lupa untuk meletakkan link
How the Unitech-Telenor settlement works for both parties
sebagai sumbernya
0 komentar:
Posting Komentar