Telenor says to write down $721m on licences in India
Published on Fri, Feb 03, 2012 at 20:56 | Source : Reuters
Updated at Sun, Feb 05, 2012 at 20:21
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Telenor says to write down $721m on licences in India
Telenor ASA said on Friday that it has decided to write down NOK 4.2 billion related to licences and goodwill in India following the Indian Supreme Court's decision on Thursday to cancel Uninor's 22 licences there.
Telenor ASA said on Friday that it has decided to write down USD 721 million related to licences and goodwill in India following the Indian Supreme Court's decision on Thursday to cancel Uninor's 22 licences there.
The company said the write down will be included in Telenor's results for the fourth quarter of 2011, to be presented on Wednesday.
Telenor said that after the write down, its remaining accounting exposure (after tax) related to India is USD 721 million as of 31 December 2011.
Meanwhile, the Norwegian government will help Telenor, the country's trade and industry minister said.
"We follow the situation and are keeping close contacts with Telenor about this case," Trond Giske told Reuters in an email, adding the government was examining which recourse it could take with Indian authorities.
"Norwegian authorities will contribute actively to find a good solution and secure Telenor's large investments and presence in India," he said. "We have already started and are in a dialogue with Telenor."
