Vested interests blocking global cos’ entry into Indian market: Unitech

NEW DELHI: Realty major Unitech, which recently sold 60% stake in its telecom venture to Norway���s Telenor, has told the Department of Telecom (DoT) that ���vested interests were creating entry barriers for respected and world renowned players (into the Indian market)���.

Unitech has also told the government that Telenor would invest Rs 6,120 crore and subscribe to new shares in its wireless arm, and hence, its realty arm was not making any profit as a direct consequence of the partnership.

The company���s communication also adds that it has been surprised at the reaction to its deal with Telenor, especially considering that it ���had all along been transparent about its intent to diversify into other business verticals and to rope in a strategic partner for its telecom foray���.

Unitech���s communication comes as the DoT had recently asked the company to provide all details related to the deal with Telenor. The government, especially the communications ministry, has been under tremendous pressure, as it been criticised by several quarters over this deal.