Telenor seeks $14 Billlion in damages from Govt.
Norway's Telenor, whose India joint venture is among companies that are set to lose their telecoms licences, has served a notice to the Indian government, claiming damages of nearly $14 billion (around Rs 70,000 crore) as per Times of India Report. “The cancellation of licences, and resultant loss of investments by Telenor Asia constitute a breach of India’s obligation under CECA. It is also possible that there could be a further breach of CECA from the manner in which these licences are now redistributed through auctions,” Telenor said in its notice, which was sent to the PMO, DoT and corporate affairs ministry.Telenor, which holds a 67% stake in Unitech Wireless, is engaged in a separate legal battle with its Indian partner Unitech, and has made public its decision to begin its hunt for another local ally. The Norwegian firm entered the Indian market through its Singapore arm.
Norway's Telenor, whose India joint venture is among companies that are set to lose their telecoms licences, has served a notice to the Indian government, claiming damages of nearly $14 billion (around Rs 70,000 crore) as per Times of India Report. “The cancellation of licences, and resultant loss of investments by Telenor Asia constitute a breach of India’s obligation under CECA. It is also possible that there could be a further breach of CECA from the manner in which these licences are now redistributed through auctions,” Telenor said in its notice, which was sent to the PMO, DoT and corporate affairs ministry.Telenor, which holds a 67% stake in Unitech Wireless, is engaged in a separate legal battle with its Indian partner Unitech, and has made public its decision to begin its hunt for another local ally. The Norwegian firm entered the Indian market through its Singapore arm.
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