Telenor India's board approves auction for business sale

A majority of the board members of Telenor's Indian mobile phone joint venture have decided to sell the business in an auction.

FP Archives|Dec 20, 2014, 10:49:20 IST

A majority of the board members of Telenor's Indian mobile phone joint venture have decided to sell the business in an auction, according to an auction notice in a newspaper, which the Norwegian company's partner Unitech is opposing.

[caption id="attachment_399655" align="alignleft" width="380"] The JV, Unitech Wireless (Tamil Nadu) has invited interests from potential bidders by 6 August.Reuters[/caption]

The JV, Unitech Wireless (Tamil Nadu) has invited interests from potential bidders by 6 August, its Managing Director Sigve Brekke said in the auction notice published on Wednesday in the Financial Express newspaper.

A spokesman for real estate firm Unitech which owns just under a third of the JV, said they would take legal action against the proposed auction.

Reuters

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