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Telenor allowed to offset Rs 1,660 crore in spectrum cost
"On 31 March 2014, Indian authorities confirmed that Telenor's Indian subsidiary Telewings will be granted an offset of the entry fee of Rs 16.6 billion paid by Unitech Wireless in 2008 against the remaining instalments," Telenor said in a regulatory filing, according to PTI report.
The Empowered Group of Ministers decided in October 2012 to allow telecom companies to adjust payments made earlier for licences cancelled by the Supreme Court in February 2012. The benefit was available only for companies without criminal proceedings pending against them in the 2G case.
Uninor was created as a joint venture between Unitech Wireless, the company which got licences in 2008, and Telenor. All 22 licences of Uninor were cancelled by the apex court.
Telenor parted ways with Unitech Wireless and bid in the auction through a new entity - Telewings Communications. It has to pay Rs 4,018.28 crore for spectrum in six circles -- Andhra Pradesh, Bihar, Gujarat, Maharashtra, UP East and UP West.
"The one-time effect of the licence offset will be recognised in Telenor's Q1 results as other income," Telenor said.
Telenor Group is one of the world's major mobile operators with 166 million mobile subscriptions. The company has mobile operations in 13 markets and in additionally 17 markets through its ownership in VimpelCom Ltd.
Eight months after entering into India, Uninor started offering its services in December 2009 with the biggest ever launch in the Indian telecommunications history.
With inputs from PTI
