CHANGES: Norway’s Telenor plans to sever ties with its Indian partner, Unitech Ltd., and transfer its Indian telecom operations to a new entity. Telenor says it will seek 74 percent ownership of the new entity.
THE SPARK: A top court in India had canceled its licenses because of a multibillion-dollar corruption scandal.
WHAT HAPPENS NOW: Telenor says the new entity will bid for fresh telecommunications licenses in an upcoming auction. Telenor is also seeking compensation from Unitech. Unitech reportedly vowed to fight Telenor’s proposed transfer, saying it cannot be held responsible for the license cancellations.