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Mobile & Wireless

Telenor writes off remaining Indian stake

Monday 30 April 2012 | 08:53 CET | News
Telenor is writing off the remaining value of its stake in Indian mobile operator Uninor. This follows the Supreme Court's ruling in February to cancel Uninor's licences and the recent recommendation from the Telecom Regulatory Authority of India to sharply increase the price of the licences when they are re-auctioned. Telenor said that if the Trai recommendation in its current form should be approved by the Department of Telecommunications, it will be "almost impossible" to participate in the auction. The company said it's lobbying Indian authorities to amend the proposal. As a precautionary measure, Telenor decided to write down the remaining fixed and intangible assets in India amounting to NOK 3.9 billion. It already took a write-down of NOK 4.2 billion in February on the stake. The write-down will be included in Telenor's results for the first quarter, to be presented on 8 May.

Categories: Mobile & Wireless
Companies: Telenor / TRAI / Uninor
Countries: India
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