Norway's Telenor has valued its Indian unit at over 600 crore, escalating the spat with its joint venture partner - real estate group Unitech - that has termed the valuation as 'bizarre'. Unitech, owned by the Chandra family, insists the mobile phone company is worth at least 20 times more, between 11,000-12,000 crore.
Unitech Wireless launched mobile services under the 'Uninor' brand in late 2009 and has since build a base of over 35 million customers, making it a rare success story among half-a-dozen companies given mobile permits by former telecom minister A Raja in early 2008.
Telenor's estimation of the value of its Indian unit is less than 7% of what it was in 2009 when it picked up 67.25% stake in the telco for 6,100 crore, a deal that valued a company that had not launched operations or acquired a single customer at about 9,000 crore.
The deal attracted the attention of India's national auditor, which used it to back its argument that licences should have been auctioned and not allocated by Raja at prices set in 2001.
The figure also crops up in the 2G scam case, where the CBI has accused Unitech's promoter, Sanjay Chandra, of alleged wrongful gains arising out of the 2009 transaction.
Relations between the partners have deteriorated in the recent past, raising questions on Uninor's future in the 14-player Indian telecom market.
At the heart of the dispute is a proposal, put forward by Telenor, for a 8,200-crore rights issue by Uninor. Telenor says the funds are necessary to expand the business, but is opposed by Unitech.
About two months ago, Telenor had valued Unitech Wireless even lower at 400 crore ( 28 per share).
The Norwegian major subsequently appointed BNP Paribas, which valued the mobile phone company at 870 crore ( 60 per share).
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