Norwegian telecommunications firm Telenor on Thursday announced its first break even in India in East Uttar Pradesh, and also expressed hope that it would be able to break even in its core six circles by the end of 2013.
In its Uttar Pradesh (East) circle, Telenor operations achieved 18 paise per minute cost structure, which is in line with its rival operators.
Norway-based telecom giant Telenor ASA is reportedly pursuing discussions with Tata Teleservices Ltd to merge their Indian operations.
Three people familiar with the situation revealed that Telenor and Tata Teleservices Ltd are mulling proposal to combine their operations in India, and create a bigger entity to better compete with rivals.
Norway's Telenor on Wednesday emerged as the biggest buyer of mobile telecom airwaves in the 2G spectrum auction by winning back its licences in six of India's most populous states, viz. Uttar Pradesh East, Uttar Pradesh West, Andhra Pradesh, Bihar, Maharashtra and Gujarat.
Telenor agreed to pay 4.2 billion crowns for the six licences, which were among the 122 2G licences that had been cancelled by the Supreme Court. The Norwegian operators won back the lost licences than markets had been expecting.
Norwegian telecommunications firm Telenor Group has chosen Lakshdeep Investments & Finance Pvt. Ltd as its new partner for its telecom operations in India.
Telenor Group will possess a 74 per cent stake and maintain operational control in new joint venture Telewings Communications, while Lakshdeep Investments & Finance Pvt. Ltd will pick up the remaining 26 per cent in the new joint venture.
Sun Pharma has dismissed reports indicating that the company might be planning to purchase a stake in Norwegian telecom service provider, Telenor.
Indian realty major, Unitech has said that it has resolved all legal disputes with Norway's Telenor, with which the company operated a joint venture in the telecom sector called Uninor.
Unitech announced that it is disposing all of its shareholdings in the joint venture and exiting from the telecom sector in the country. Telenor has been asking its former partner to scrap the joint venture and wants to form a new entity with another company.
Telenor might not be able to obtain licences for all planned circle areas in India, the Norwegian telecoms firm's chief financial officer (CFO) admitted on Wednesday.
In a presentation to investors, Richard said, "We could end up with fewer than nine circles." He added that the firm foresaw some issues with the pricing of the upcoming licences in the Mumbai area, and also expressed concerns that there was a risk that some spectrum could end up unsold in the auction.
Norway's Telenor on Tuesday moved to the Punjab & Haryana High Court against the Gurgaon court ruling that Telenor can bid for auction of spectrum only in association with Uninor.
The Punjab & Haryana High Court directed the Gurgaon district court to finalize its proceedings before 20th of September regarding Telenor Group's participation in the auction of spectrum.
Most of the board members of Telenor's Indian mobile phone joint venture have given its approval to the sale of business through an auction process.
Unitech Wireless (Tamil Nadu) Pvt, which is the company's joint venture with Unitech Ltd, has already invited interests from potential bidders by August 6, according to Managing Director Sigve Brekke. The joint venture published an auction notice in the media even as the auction is being opposed by Unitech.
Norwegian telecom firm Telenor has presented its 2012 forecasts but has excluded the figures from its Indian operations due to ongoing uncertainties in the country over the telecom policy and licenses held by the company.
The telecom service provider posted net loss of 390 million crown including writing off the remaining 3.9 billion crown value of its Indian unit Uninor. The company had recorded a profit of 3 billion in the previous year. While company faced troubles in India, other key markets showed signs of improvement during the quarter.
The Foreign Investment Promotion Board (FIPB) has given more time to Norwegian telecom firm Telenor to announce its new partner.
FIPB has permitted Telenor to hold the name of its partner for some more time and it has also decided to start the process of approving its planned joint venture, according to Uninor managing director Sigve Brekke.
The Company Law Board (CLB) has referred the unfolding dispute between former partners, Norwegian telecom firm Telenor and India's Unitech, to arbitration on Thursday.
CLB forwarded the dispute over management control and transfer of assets of their joint venture, Uninor to arbitration as per the request of Unitech, which wanted the case to be moved to an arbitration panel.
Telecom sector firm, Telenor might be planning to claim compensation for all investment, guarantees and damages from the Indian government as the company is set to loose its 2G telecom licenses as part of an order form the Supreme court of India.
Earlier reports had indicated that Telenor might claim cost of losing Indian telecom licenses from Unitech. Telenor and Unitech jointly operate the Uninor brand in India through a joint venture. The joint venture between the two is one of the firms that will see its license being cancelled. The two companies have decided to end the venture after the Supreme Court of India announced its decision to cancel 122 telecom licenses in the country.
Telecom sector player, Unitech is seeking an approval from the Company Law Board (CLB) to move a case against telecom joint venture with Telenor to an arbitration panel.
Norway based-Telenor's legal representatives have said that they will oppose Unitech's petition on the next hearing this Monday. Telenor had earlier approached the Company Law Board in India to bar its Indian partner, Unitech from obstructing its plans to operate its operations in India through a new arrangement.
Telecom sector player, Telenor ASA of Norway has approached the Company Law Board in India to bar its Indian partner, Unitech from obstructing its plans to operate its operations in India through a new arrangement.
"We have moved the Company Law Board to prevent any wrongful obstruction of our effort to secure our investments," the company said in a statement. The statement also said that the Telecom is voiding its partnership due to fraud and misrepresentation.
Norway’s telecom firm, Telenor might be planning be claim cost of losing Indian telecom licences from tis joint venture partner, Unitech, according to Telenor's Asia head.
Telenor and Unitech jointly operate the Uninor brand in India through a joint venture. However, the two companies have decided to end the venture after the Supreme Court of India announced its decision to cancel 122 telecom
Telecom service provider, Telenor has announced its decision to hike dividends to 5 Norwegian crowns from 3.8 crowns earlier as it expects its revenues and profitability to rise in the year.
The company said that it expects revenue to grow 5 percent and its profits from core business to rise for 2012. The company’s profitability was below expectations in November and December of 2011 as there was heavy discounting in the region and firms were competing to attract customers to new services.
Telenor ASA has said that it will include a 4.2 billion kroner writedown in India in its fourth-quarter following a ruling from the Supreme Court is India that cancelled 122 telecom licenses in the country.
Telenor had sort help from the Norwegian government to protect its investment in India after the ruling by the apex court in India. The company has said that it will fight to protect lawful investments in India and also said that Norwegian government is aiming to find a solution to the issue.
New Delhi, Feb 4 - Norwegian firm Telenor Saturday said it would write down investments into its Indian mobile arm -- Uninor -- worth about $724.5 million (4.2 billion NOK) following the Supreme Court's order cancelling 122 2G licences, including 22 licenses of Uninor.
The company, however, said this would not affect its Indian operations and it intended to protect its investment.
Telecom entity Telenor Group has reported that it has managed to register a seven fold profit rise in the second quarter ended June 30.
The company has also informed that its business in Asia has been significant and it has a major contribution to the rise in the net profit.
The company has posted a net profit of $9.49 billion for the quarter that ended in 30th June, 2010. Last year's net profit was $1.37 billion for the same quarter.