2g Scam: Telenor looks to protect investments

Telenor had paid $1.1 billion in 2009 for a majority stake in Indian mobile firm Uninor.


Afp February 05, 2012
2g Scam: Telenor looks to protect investments

NEW DELHI: Telenor hopes that India will protect the company’s “lawful investment”, after an Indian court revoked mobile permits held by major telecom firms on charges of rigging the acquisition process on Thursday. Telenor had paid $1.1 billion in 2009 for a majority stake in Indian mobile firm Uninor, the company which holds 22 of the 122 licences cancelled by the Supreme Court. It now faces a $720 million loss. Indian law allows the firms affected by the court order to seek a review of the ruling and companies are weighing what action to take. “We look to the government to arrive at a fair outcome that doesn’t jeopardize our lawful investment,” the company said in a statement in New Delhi late Friday. Telenor is the second largest foreign investor in the country’s telecom sector, after Britain’s Vodafone Group.

Published in The Express Tribune, February 5th, 2012. 

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