Telenor could quit India after Supreme Court's verdict on 2G scam

Posted By: Religare
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Telenor could quit India after Court's verdict
Telenor, a Norwegian telecom company, could quit India after Supreme Court revoked 22 licenses of the company in a verdict on 2G spectrum scam yesterday.

Supreme Court ordered the cancellation of all 122 licenses which were awarded to the companies during A. Raja's term as the Telecom Minister in 2008. Telenor, in a joint venture with Unitech, a real estate firm, held 22 licenses.

According to the ruling, the license holders can operate in the market for four months before Telecom Regulatory Authority of India (TRAI) comes up with new set of rules and regulations for re-auctioning of the licenses and spectrum.

As per the reports, the company is in no mood to wait for the new market rules to come into effect and could quit Indian market to minimize its losses.

Shocked by the verdict, company's senior officials are disappointed and have called it unfair. Telenor had entered the Indian market through joint ventures with the Indian partners who were awarded the licenses.

Read more about: 2g, economy, unitech, telecom
Story first published: Friday, February 3, 2012, 13:30 [IST]
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