The Norwegian telecoms group has said it plans to set up a new entity which will compete in the upcoming 2G spectrum auction.
The move brings to an end a difficult saga between Telenor and its local partner. The joint venture had its operating licences revoked by the Indian Supreme Court in February, following the 2008 spectrum auction scandal.
This summer, Telenor attempted to scrap the partnership agreement, which saw tensions heighten between the companies as Unitech threatened legal action.
It is reported that Telenor, which at one point threatened to exit the Indian market altogether, has lost $1.4 billion worth of Indian assets as a result of losing the licences.
The company has until 18 October to form another partnership with an Indian firm if it wants to participate in the spectrum auction next month.
“Telenor is preparing to participate in the upcoming 2G spectrum auction through this new entity, but will take a final decision on whether to participate at a later date,” the company confirmed in a statement on its website today.
