Norway's leading telecom firm Telenor hinted that it may quit the operations in India following the Supreme Court's Thursday verdict on 2G licences, which was a big blow to the telecom giants and corporate houses.
The telecom giants Telenor and Sistema of Russia hold the major stake in Uninor and Sistema-Shyam, which offer the telecom services under the MTS brand respectively in India. As per the apex court's verdict, 22 licences of Uninor and Sistema-Shyam’s 21 have been scrapped, which were allotted in 2008 during the period of former Telecom Minister A Raja.
Telenor Group in a statement said that Uninor operations are continuing in India. The Norway major wanted to protect their lawful investments in India and they are waiting for the government to reach a fair solution in the matter. Uninor has at least 36.3 million subscribers.
Telenor said that the verdict is a serious attack on their investments in India. The CEO Jon Fredrik Baksaas told Reuters in Oslo while condemning the verdict that they could quit India and will not wait for new rules and regulations. He said that he had never seen such action in any country before.
Meanwhile, Sistema said that they would take the legal measures to get back the licences.
The telecom giants Telenor and Sistema of Russia hold the major stake in Uninor and Sistema-Shyam, which offer the telecom services under the MTS brand respectively in India. As per the apex court's verdict, 22 licences of Uninor and Sistema-Shyam’s 21 have been scrapped, which were allotted in 2008 during the period of former Telecom Minister A Raja.
Telenor Group in a statement said that Uninor operations are continuing in India. The Norway major wanted to protect their lawful investments in India and they are waiting for the government to reach a fair solution in the matter. Uninor has at least 36.3 million subscribers.
Telenor said that the verdict is a serious attack on their investments in India. The CEO Jon Fredrik Baksaas told Reuters in Oslo while condemning the verdict that they could quit India and will not wait for new rules and regulations. He said that he had never seen such action in any country before.
Meanwhile, Sistema said that they would take the legal measures to get back the licences.
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