ข่าวเศรษฐกิจประจำวันที่ 22 กุมภาพันธ์ 2555
Norway’s Telenor to Form a New Mobile Company in India
Source: Economic Times, Wall Street Journal
- Norwegian Telecom Company Telenor is to end its joint venture with Unitech Wireless. It plans to run its mobile operations in India through a new company.
- It aims to transfer all existing 40 million customers and 17,500 employees to the new entity.
- Telenor has acquired 67.3% stake in Unitech Wireless, a joint venture with Unitech Ltd., and operates in India under the brand Uninor.
- Earlier this month, the Indian Supreme Court canceled all of Uninor’s 22 mobile licenses in India after ruling that the auction for mobile licenses was rigged and underpriced.
- In forming the new company, Telenor is positioning itself for the new round of auctions for mobile licenses.
- Telenor claims that it has the right to end its joint venture with Unitech Ltd. on “account of fraud and misrepresentation.”
- Unitech Ltd. expresses its shock at Telenor’s announcement. It also hits back saying Telenor cannot transfer any assets of Uninor without the consent of Unitech since it “has veto right in shareholder’s agreement and in the articles of association for such matters.” Unitech also claims that 75% shareholder votes are conditional for the transfer of assets to a new company and that it would block this move at the next board meeting.
- In response, Telenor issued a statement adding that “75% shareholder votes are not needed since Uninor is a private company” and that “in a case of fraud and misrepresentation, it can unilaterally declare the shareholder agreement void.”
- Telenor also plans to seek from Unitech compensation for all investment, guarantees and damages resulting from the Supreme Court’s ruling.
Kingfisher Airlines Gets a Lifeline from Banks
Source: Mint, Reuters, NDTV
- India’s troubled commercial airlines Kingfisherreportedly will receive a generous bail-out from banks.
- After a week of flight cancellations and resignations by its pilots, Kingfisher looks like it is on the brink of collapse. The airlines became suddenly cash-strapped when tax authorities froze its accounts over outstanding dues.
- According to news sources, at least 10 banks will extend Rs 20 billion credit line to Kingfisher. One is rumored to be the State Bank of India, purportedly giving the ailing airlines Rs 7 billion in short-term working capital and Rs 5 billion in bank guarantees.
- Kingfisher is expected to submit a new “realistic” flight schedule to the Directorate-General of Civil Aviation today. It now operates only 28 out of its 64 aircrafts. Its Bangkok flights have been suspended.
Salary Rise in India ahead of Asia-Pacific Pack
Source: DNA, Mint
- Despite global economic uncertainties, Indian employers are optimistic enough to raise salary by an average of 11.9% in 2012, according to a survey by human resource consulting firm AonHewitt.
- While this figure is less than the 12.6% average increase last year, it puts India’s pay hike ahead of countries in Asia-Pacific, including China’s projected increase of 9.5%.
- The maximum average rise is expected to be in the pharmaceutical sector (13.3%), followed by 13% in engineering design/ services.
Economic Section
Royal Thai Embassy
New Delhi
