|
|
Uninor to Sell Network Assets Before Network Shut-Down
Published on:
Indian mobile network, Uninor has announced that it is putting its assets up for sale after its GSM licenses were cancelled earlier this year. The company is hoping to realise a higher valuation by selling off working assets before the network is forced to close down.
Telenor which still owns 67% of the mobile network says that it may seek to buy the assets through another vehicle to reenter the Indian market, but the company's other shareholder, Unitech says it may take legal action to block the auction.
Telenor is currently seeking compensation from Unitech over how the company applied for the controversial GSM licenses back in 2008.
"This process will ensure that the value of the Uninor business is secured beyond September 7 as the winning bidder would have the ability to continue Uninor's business as a going concern beyond September 7. On the contrary, if the auction process is not followed, the company would have no option but to be liquidated post September 7, when the company loses its licences," Uninor said in a statement.
An open auction may also help to draw a line under the controversial company and the fractious relationship between the two shareholders.
| |
|
| |
|
| |
|
| |