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| Uninor rules out slashing jobs or cutting salary |
| Press Trust of India / New Delhi Feb 05, 2012, 14:38 IST |
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Asserting that it will continue to operate in all markets, new telecom operator Uninor today ruled out laying off employees in the wake of Supreme Court's cancellation of 122 2G licences that has hit the company badly.
"Uninor services are continuing. This means we will continue to serve our 36 million customers, work with our 22,000 partners and keep building our presence in the market.
"It is the Uninor team that has made the company by far the most successful new operator and it is this team that will continue to do so in the months to come," a company spokesperson told PTI.
Uninor is a joint venture between real estate major Unitech and Telenor of Norway. Telenor now holds 67.25% ownership share in the company. When asked about a possible salary cut as part of cost cutting efforts now, he said, "There will not be any impact whatsoever in compensations resulting from any of these developments."
Asserting that it is business as usual, the Unionor spokesperson said, "Every single member of the top management is today in one of the circles, engaging with the employees and meeting trade partners in the market. Starting today, over 1,000 Uninor employees are in the market � at shops and distribution points � registering our presence and ensuring we keep building the momentum we have developed." Last week, the apex court had ordered cancellation of 122 2G lincences, including some of Uninor's, terming them as illegal. The court had also asked the government to issue spectrum by way of auction after seeking regulator TRAI's recommendations. "The Uninor service has not been stopped. We continue to operate in all our markets. The matter regarding the ruling is out of the courts and with the Government now. So we are looking to the Government to arrive at a fair solution. We expect that the intention will remain of bringing new competition to benefit Indian customers," the company spokesperson said.
He said that employees are concerned but the company is ensuring that there is no confusion on the fact that the Uninor operations are continuing. Afirming that Uninor is not closing operations, he said, "Uninor service has not been stopped. We continue to operate in all our markets."
Last Friday, Telenor had said said that it would take all measures to protect its lawful investments. "We are looking to the Government to arrive at a fair solution. We expect that the intention remains of bringing new competition to India," it had said. Telenor had also decided to write down its $721 million investment in the Indian joint venture following Supreme Court order.
However, the company added that the write down would have no impact on the operations of Uninor and it intends to protect its investments in India. Further, the Telenor Group said that it has already invested over Rs 6,100 crore in equity and over Rs 8,000 crore in corporate guarantees as a foreign investor that trusts a licence stamped by the Government of India.
According to sector regulator Trai, Uninor had 36.30 million subscribers by end of December 2011. The joint venture has rolled out services in most of the circles it got spectrum and is one of the most aggressive players among the new operators.
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