Telenor won’t quit India

Norwegian firm Telenor Friday junked reports that it would quit India following revocation of its telecom licences by the Supreme Court and said its joint venture Uninor’s services are in full swing and would go on.

The company said the Norwegian government was monitoring the situation and would contribute to find a solution.

“Telenor Group wants to be clear that the Uninor operations are continuing. Our intention is to fight to protect our lawful investments in the country. We are looking to the government to arrive at a fair solution,” the firm said in a statement.

“The Norwegian government has announced that they are monitoring the situation and will actively contribute to find solutions to secure Telenor’s investments and presence in India,” it added.

Uninor has over 36 million customers across the country.

Earlier in the day, an international news agency said Telenor could quit India after the Supreme Court cancelled its mobile licences and not wait for new market rules to be introduced.

“That is one alternative that is on the table,” the agency had quoted company chief executive Jon Fredrik Baksaas as saying when asked whether Telenor should heed calls by several company investors and analysts to quit the Indian market and cut its losses.

The Supreme Court Thursday had cancelled all 122 licences, including 22 licences of Uninor, issued to telecom firms in 2008, saying the allocations were arbitrary and unconstitutional.

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