2G verdict: Foreign investors not willing to give up yet

There seems to be no end to the 2G battle any time soon as foreign investors hit by the cancellation of licences have decided to move the court to protect their interests.

Three of the four foreign companies, affected by the Supreme Court order, have made it clear that they are not going down without a fight.

The clearest statement came from Russia's Sistema, which said, "to safeguard our interests, we will contest this order by pursuing all available legal remedies."

Sistema is a nationwide CDMA operator with nearly 15 million subscribers. It provides direct and indirect employment to nearly 9000 people and has invested over Rs 10,000 crore so far in the Indian operations.

Sources add that the Russian government is also watching the situation closely, as Sistema is among the largest Russian investments ever in India.

Norway's Telenor, which has a majority stake in the Uninor jv, also made it clear that it is not going to quit India without putting up a stiff fight.

Telenor MD Sigve Brekke wrote to the Uninor staff in India, "I want everyone who is in Uninor and outside to know this. We are not closing. Uninor is a huge investment and it cannot be wished away. 40 million Indians have chosen Uninor. We are here to stay."

Brekke added that the company has legal options and expected the Indian government to provide a solution. Sources said that Uninor lawyers are working on review petition to protect its Indian investments.

Therefore, even as the telecos try their luck with the SC order, established operators like Vodafone are already eyeing the 5-7 per cent customer base that may be affected by the cancellations.