Uninor, a joint venture of Norway’s Telenor and Indian realty firm Unitech, which is in the eye of a storm over CAG revelations on 2G spectrum allocation, stated that it started operations in India only after getting all government clearances.
According to Uninor Managing Director Sigve Brekke, the company entered Indian market by clearing the license obligation. They also asked the government for FIPB approval allowing them to own above 50%.
Getting government approval and also FIPB nod means the application has been scrutinized twice, first by the Department of Telecom (DoT) and then by the Ministry of Finance for acquiring more than 50% stake in Unitech Telecom Services.
He, however, added that the company is taking a cautious approach towards investments, particularly in a daily changing environment of the Indian telecom industry.
As per Brekke statement, the company entered India with the clear understanding that everything is OK and they have invested in US$ 1.2 billion, have 40 million subscribers of Uninor already. So they will see what the Government is doing as its responsibility.
