The Department of Telecom has agreed to allow transfer of Uninor’s assets to Telenor’s new entity Telewigs.
But Telenor and Unitech will have to submit separate bonds which will indemnify the Government from any claims or disputes arising out of the transfer.
The DoT has also given its nod to Telenor’s proposed move to increase its stake in Telewigs to 74 per cent. The Department has, however, rejected the company’s plea to adjust the entry fee paid in 2008 against the bid amount to be paid for spectrum won in the auctions held in November.
Norway’s Telenor had won spectrum in six circles (Andhra Pradesh, Uttar Pradesh East, Uttar Pradesh West, Bihar, Gujarat and Maharashtra) in the November auctions for Rs 4,018 crore.
Earlier, the company had paid Rs 1,658 crore for pan-India licences in 2008.
These licences, jointly owned with real estate major Unitech, have been quashed by the Supreme Court along with all the other licences issued on or after January 10, 2008.
Telenor had requested DoT to adjust the entry fee paid earlier with the bid amount. The company has paid 33 per cent of its bid price for spectrum under protest after the telecom department did not allow the company to offset the entry fee paid earlier.
Telenor plans to continue operations in six circles under the new entity Telewigs, which it had floated as a 100 per cent subsidiary. But it dropped its stake to 49 per cent at the time of taking the new unified licence to comply with the FDI norms.
Telenor found a new Indian partner — Sudhir Valia, brother-in-law of Sun Pharmaceuticals Founder Dilip Shanghvi. Telenor has signed a partnership agreement with Lakshdeep Investments & Finance, a privately held entity controlled by Valia, who is also executive director of Sun Pharma.