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Unitech Secures Court Order Blocking Uninor Asset Sales
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India's Unitech has secured a court order blocking the mobile network, Uninor from selling its assets prior to the network's expected closure next month.
The network is a 67:33 joint venture between Telenor and Unitech, and the two companies are in dispute over the future of the network.
The Company Law Board has now upheld a challenge by Unitech against the sale of network assets. Uninor said that it would appeal the ruling.
Uninor had invited bids for network assets, which it was looking to sell before the network closure in anticipation of securing higher valuations. Telenor had said that it would make an offer if no other bidders emerged.
If Telenor did buy the network infrastructure, it was seen as a precursor to re-entering the market following the forthcoming resale of the cancelled GSM licenses.
Tags: [unitech] [uninor] [telenor] [India]
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