“In this manner, we aim to shorten the time and reduce the cost for the operation to become self-financed, thereby reducing the risk of the India investment,” said Jon Fredrik Baksaas, president and CEO of Telenor Group, in a statement.
Uncertainty surrounding Uninor after the joint venture’s spectrum licences were among 122 cancelled by India’s Supreme Court in February has been a constant thorn in Telenor’s side.
The Nordic carrier blamed partner Unitech for the loss of the licences and has since been engaged in a dispute that has dragged through India’s Company Law Board and Supreme Court.
It was also revealed that, despite difficult market conditions, Uninor added more than two million subscribers in the second quarter of 2012.
Telenor is seeking to replace Unitech with another Indian partner and has reportedly hired Citi Group Markets to carry out the search process.
