Arab Today, arab today norway\s telenor warns india on telecom impasse
Last Updated : GMT 16:39:21
Arab Today, arab today
Arab Today, arab today

Norway\'s Telenor warns India on telecom impasse

Arab Today, arab today

Arab Today, arab today Norway\'s Telenor warns India on telecom impasse

New Delhi - AFP

India will lose vital foreign investment if state-run Norwegian telecom giant Telenor has to exit the country nursing multi-billion-dollar losses, a Norwegian minister warned on Saturday. Telenor, which has a strong balance sheet, can absorb the $3 billion investment write-off it would face if it quits India due to telecom licensing problems, Trade Minister Trond Giske told reporters in New Delhi. But Telenor\'s loss -- which would \"probably be the biggest\" a Norwegian company has ever lost in a foreign investment -- would make other firms think twice about putting money in India, Giske said. \"It would be fair to say it would influence the view of India as an investment country,\" said Giske, who was in India to push the government to ensure the survival of Telenor\'s Indian unit which has 17,000 workers and 40 million clients. \"If a company like Telenor can lose $3 billion in India, it has an effect on other foreign investors. They ask if your (state-controlled) company can lose that money, how will private companies be treated?\" he said. The problems roiling the telecom sector come as India is also under strong investor attack over retroactive legislation that could force British phone giant Vodafone to pay $3.7 billion in back taxes, interest and penalties. Policy uncertainty has been one of the main criticisms of foreign investors, who have been demanding clear rules for them to keep pouring in billions of dollars in vital investment to spur economic growth. Telenor was among eight mobile operators whose licences granted in 2008 were cancelled by the Supreme Court in January on grounds the sale was under-priced and corrupt in what has become one of the biggest scandals in India\'s history. The court ordered an auction for new licences in which Telenor can take part. But the telecom regulator has proposed a 10-fold hike in the spectrum auction base price from the 2008 sale and a big reduction in bandwidth up for grabs. \"If these recommendations become policy, Telenor will likely be forced to exit India\" because the cost would be too high, Giske said. The company\'s departure could also have \"political implications,\" he said, addding that \"Telenor is not just any company.\" \"Some 54 percent of the shares are owned by Norwegian people through the state and thus it has even further political implications that such a company will be harmed,\" Giske said, without elaborating. His comments came after Telenor earlier in the week said net quarterly profit plunged to 583 million kroner (77.1 million euros, $100.5 million) from nearly 2.8 billion kroner a year earlier due to a writedown on its Indian operations. Other Indian mobile operators also oppose the regulator\'s proposals. They say the high auction price would make it unprofitable to make the huge investments needed to roll out mobile networks in poor, remote areas -- seen as key to promoting \"inclusive\" economic growth -- and also mean sharp tariff hikes.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today norway\s telenor warns india on telecom impasse Arab Today, arab today norway\s telenor warns india on telecom impasse

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday