Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Oslo Bors  >  Telenor ASA    TEL   NO0010063308

Delayed Quote. Delayed CHI-X EUROPE LIMITED. - 10/07 05:25:07 pm
163.5500 NOK   -1.18%
10/05DJADRs End Higher; BP Rises
10/05DJEU Opens Probe Into Liberty Global-BASE Deal
10/05 TELENOR ASA : Norwegian telecom Telenor to sell all shares in troubl..
News SummaryMost relevantAll newsSector news 

Telenor : Urges India For Solution To Telecom Impasse

05/12/2012 | 07:59am US/Eastern

Telenor ASA (TEL.OS) Saturday urged the government of India to find a solution to the current impasse that has put the Indian operations of the Norwegian telecommunications operator in jeopardy.

Trond Giske, minister of trade and industry of Norway, is in India to give a diplomatic push for a possible resolution to the crisis precipitated by a Supreme Court order cancelling Telenor's licenses to offer mobile-telephone services in India following a scandal over possible corruption. He is scheduled to meet Indian telecom minister Kapil Sibal late Saturday.

Telenor owned 22 of the revoked licenses through its local joint venture Unitech Wireless Ltd. and the scandal has received a lot of media attention in Norway.

Giske represents the Norwegian government--which owns 53.97% in Telenor--on the company's board. Telenor has already invested about $3 billion in its India operations.

"If this investment fails, it will probably be the biggest loss that a Norwegian company has in foreign investments ever," Giske told reporters in India. The development will lead to "political implications," he added without elaborating.

Telenor has already written off about $1.38 billion of its investments in India.

In February, India's Supreme Court ordered a rerun of a mobile-license auction originally held in 2008, after concluding the previous allocations were rigged and underpriced. As a consequence, Telenor's majority-owned Indian joint venture Unitech Wireless was ordered to return all 22 of its mobile licenses.

In April, India's telecommunications regulator proposed that the government open the sale to all companies when it auctions mobile-phone bandwidth. It also suggested a base auction rate that is several times more than the price at which India allotted 122 licenses and bandwidth to several companies in 2008.

The proposals had led Telenor to warn that it might be forced to exit India completely if the government were to follow current recommendations for the planned renewal of an auction for mobile licenses in the country.

"It will be almost impossible to continue operations given the current regulator's proposals for limited bandwidth sale and high reserve price," Telenor chief executive Jon Fredrik Baksaas said Saturday.

India's top court has set an Aug. 31 deadline for the government to complete the renewed bandwidth auction, and allowed companies affected by the judgment to operate until Sept. 7.

   -By R. Jai Krishna, Dow Jones Newswires; +91 22 6145 6107; kenan.machado@dowjones.com 

React to this article
Latest news on TELENOR ASA
09:57a TELENOR ASA : 3G, 4G subscribers reach 15.75 mln till August
10/06 VIMPELCOM : Telenor decides to exit Vimpelcom
10/05 TELENOR ASA : Norwegian Telecom Telenor Sells Stake in Russian Cell Operator Vim..
10/05DJADRs End Higher; BP Rises
10/05DJEU Opens Probe Into Liberty Global-BASE Deal
10/05 TELENOR ASA : Norwegian telecom Telenor to sell all shares in troubled Russian V..
10/05 VIMPELCOM : Norway's Telenor to sell stake in Russia's VimpelCom
10/05 Markets attempt a rebound, while Telenor announced the sale of its stake in V..
10/05DJTelenor Divests Interest in VimpelCom
10/05DJTelenor Divests Interest In VimpelCom
Duration : Period :
Telenor ASA Technical Analysis Chart | TEL | NO0010063308 | 4-Traders
Income Statement Evolution
More Financials