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Telenor approches FIPB to form new telecom company in India Telenor has applied to the Foreign Investment Promotion Board (FIPB) to be allowed to form a new entity for its operations in India. Telenor Group’s intention is to form a new entity in India, with which its Indian operations will be taken forward. This new entity will serve as the platform to approach the upcoming auctions for fresh licences as mandated by the Supreme Court. As a part of this process, the new entity has applied for requisite approvals from the FIPB.
After the SC order, Telenor had said that it was ending the JV with Unitech on account of the latter’s alleged fraud and misrepresentation. It had also at that point mentioned its intention of setting up a new company for its telecom business in India.
"Our primary concern is to secure a smooth process that ensures no adverse impact of the recent developments on Uninor's 40 million customers, 17,500 workforce or its distribution network with more than 400,000 points of sale," the company said.
Both partners had moved the Company Law Board to protect their investments and rights. Recently, the CLB returned their petitions on technical grounds and asked for rectification of errors by March 13. The board also suggested the two companies try to find an amicable solution to the issue.- sources
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