Telenor India JV board approves auction of business

Invites interests from potential bidders by Aug 6 Unitech opposing move

A majority of the board members of Telenor's Indian mobile phone joint venture have decided to sell the business in an auction, according to an auction notice in a newspaper, which the Norwegian company's partner Unitech Ltd is opposing.

The JV, Unitech Wireless (Tamil Nadu) Pvt, has invited interests from potential bidders by August 6, its Managing Director Sigve Brekke said in the auction notice published on Wednesday in the Financial Express newspaper.

A spokesman for real estate firm Unitech Ltd, which owns just under a third of the JV, said they would take legal action against the proposed auction.