Telenor to migrate India business into new entity

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Telenor to migrate India business into new entity

Norwegian telecoms group Telenor plans to form a new entity in India and will migrate its existing business, including customers and employees, into the new company, it said in a statement on Tuesday.

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Norwegian telecoms group Telenor plans to form a new entity in India and will migrate its existing business, including customers and employees, into the new company, it said in a statement on Tuesday.

"This new entity will serve as the platform to approach the upcoming auctions for fresh licenses as mandated by the Supreme Court. As a part of this process, the new entity will also seek requisite approvals from the FIPB to allow Telenor Group to take up 74% ownership," it said.

It added that it issued Unitech , its previous partner, a notice of voidance of the current shareholders' agreement with Unitech Ltd on "account of fraud and misrepresentation"