Telenor says its Indian telecom unit is getting default notices from lenders

Norway based Telenor has said that the lenders of its Indian arm, Uninor, have issued default notices claiming total sum of NOK 3.6 billion (Rs 3,382 crore).

In its latest quarterly result statement, Telenor said that one of the lenders has even turned down a request for an extension of borrowings given to Uninor and demanded payment under the Telenor ASA guarantees.

Uninor had NOK 9.6 billion (Rs 9,019 crore) in current interest-bearing borrowings where most of them carried financial guarantees from Telenor ASA as of June 30, 2012.

"As a consequence of the 2G auction recommendations on April 23, 2012 from the Telecom Regulatory Authority of India to the Department of Telecom, an impairment loss of NOK 3.9 billion (NOK 2.6 billion attributable to Telenor) was recognised in the first quarter of 2012 relating to the remaining tangible and intangible assets in Uninor as of 31 March 2012," Telenor said in a statement.

Telenor, which failed to save its 22 licenses held by Uninor in a Supreme Court order, is now looking to end its joint Venture with India's Unitech which holds 32.775 per cent in the company.

Read more about: telenor
Story first published: Tuesday, August 21, 2012, 9:32 [IST]
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