Unionor Managing Director Sigve Brekke said that the company had decided to stay on course with its investments in India as it was optimistic of a successful resolution of the situation arising out of the cancellation of the company's 2G telecom licences.
The licence of Uninor, a joint venture between Telenor of Norway and India's Unitech group, has validity till June 2 and the company expected matters to improve by then. “I am not talking out of thin air, there is something but I cannot say more at this juncture,” he said. To a question whether any assurance was received, Mr. Brekke said while there had been no assurance but the company had decided to stay on course and continue investing. “There is no plan B for us but we have the benefit of being a long-term investor”. He said that the company was in talks with five to six players for selecting its new joint venture partner but it would now like to have a higher stake of around 74 per cent. “We have told the government that we will disclose the name later, he said.
Mr Brekke said that the company was meeting Foreign Investment Promotion Board officials and had said that it would disclose the names once the process of approval got under way.
Uninor, whose 22 licences were cancelled by the Supreme Court in February in wake of the 2G scam, has also fallen out with its partner Unitech from whom it has sought compensation.
Telenor held Unitech liable for the breach of warranties related to the cancellation of the licences, seeking compensation for all investment, guarantees and damages caused by the Supreme Court order, it had said in statement. Mr. Brekke said that Uninor had added 2.34 million subscribers in February, taking its total user-base to 41.14 million. The company holds a licence in each of India's 22 circles.