The past week saw the highest body of law in the country deliver a pathbreaking ruling – that of revoking some 122 telecom licenses in the country. One of the companies who's future prospects in the country took a beating, post the ruling has been Norway-based, Telenor. Reportedly, when the SC went about quashing 122 telecom licenses, 22 held by Telenor’s majority-owned Indian unit, were quashed, too, dealing a major blow to the company. Now, according to a report in Khaleej Times, the Norweigan government is keen on taking up the issue with the Indian government, wanting to ensure Telenor gets 'fair treatment'. Norwegian state-backed, Telenor, reportedly is the highest shareholder in Uninor, which is a joint venture with Indian real estate company, Unitech.
Norway seeks fair treatment for Telenor
Reportedly, taking the matters further and to reach a common ground, Norway’s information technology minister, Rigmor Aasrud met the Indian telecom minister, Kapil Sibal, and described the meeting as being, “…a good, fruitful and constructive meeting”, in this report. Telenor, on their part are planning to file a petition to induce a review on the decision. Telenor, like Gulf-based Etisalat and Russian conglomerate Sistema are among the foreign investors who've lost out on licenses, heavily after the SC revoked their licenses in large numbers. Each of these companies, now plan to file petitions to induce reviews.
The Supreme Court's decision to revoke telecom licenses has invited scores of debates, across the country. Popular telecom companies in the country are surely not liking the way things are unfolding in their sector, considering that the telecom sector is not doing too well in terms of profits and earnings.