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Telenor ASA Partner Unitech Ltd Agrees To Exit JV-Reuters
Reuters reported that Unitech Ltd the Indian partner of Telenor ASA has agreed to sell its share of their mobile phone joint venture (JV), the Indian company said, in what it termed as an amicable settlement after months of dispute. Unitech has agreed to sell its stake in the joint venture, which operates under the Uninor brand, for a nominal amount, it said in a statement to Indian stock exchanges on October 11, 2012. The Company declined to comment on terms and conditions. It said the two companies had agreed to transfer the joint venture's assets to a new entity controlled by the Norwegian company.
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