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 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. A total of 22 telecom permits were among the licenses cancelled by the apex court following a corruption scandal.

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. The two companies were suing each other in the courts and Company Law Board in India. However, the latest move to resolve all outstanding legal issues will allow both the companies to turn over a page over the issues and boost confidence.