Uninor mortgage companies issue standard notices: Telenor

INDIA: Norwegian Telecommunications major Telenor has said that mortgage companies of its Native indian arm Uninor have released standard is aware to the company for transaction.
According to latest every quarter result declaration from Telenor, as of September 23, Telenor ASA has obtained assurance statements of complete NOK 3.6 billion dollars (Rs 3,382 crore) and standard observe from most of the mortgage companies.
"One of the mortgage companies has turned down a ask for for an expansion of borrowings given to Uninor, and has required transaction under the Telenor ASA assures," Telenor said without referring to the name of the lending company.
"This event has activated cross-default under the mortgage contracts. As of 23 September Telenor ASA has obtained assurance statements of complete NOK 3.6 billion dollars and standard observe from most of the mortgage companies. The staying financial institutions are required to follow soon," it added.
An email sent to Uninor through its PR organization looking for feedback produced no response.
Telenor said that Uninor had NOK 9.6 billion dollars (Rs 9,019 crore) in current interest-bearing borrowings, all with financial assures from Telenor ASA as of May 30, 2012.
Uninor's mortgage contracts contain common mortgage conditions such as material negative effect conditions.
As of May 30, 2012, Uninor had NOK 1.1 billion dollars in financial institution assures from the State Bank of Native indian with reverse assurance from Telenor ASA.
"As a impact of the 2G public auction suggestions on Apr 23, 2012 from the Telecommunications Regulating Power of Native indian to the Division of Telecommunications, an incapacity loss of NOK 3.9 billion dollars (NOK 2.6 billion dollars because of Telenor) was acknowledged in the first one fourth of 2012 about the staying concrete and intangible resources in Uninor as of 31 Goal 2012," Telenor further said.
In Feb, the Superior Court had requested the termination of 122 telecom permits -- such as 22 organised by Uninor, a partnership between Telenor and Native indian real-estate company Unitech.
Telenor is looking for to discarded the JV with Unitech which maintains 32.75 % share in Uninor and plans to move its business to a new company. The rest is organised by Telenor.
Despite the complicated regulatory situation, the number of members of Uninor improved by 2.2 thousand during the one fourth (April-June) taking the complete usage to 33.7 thousand, Telenor said.