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2G: Telenor takes $722 mn writedown on India unit

Norwegian telecommunications group Telenor ASA says it will book a loss of 4.2 billion kroner ($722 million) after the Supreme Court canceled 22 licenses for Uninor, the company's mobile operations unit in India.

twitter-logoAssociated Press | February 5, 2012 | Updated 10:26 IST

Norwegian telecommunications group Telenor ASA says it will book a loss of 4.2 billion kroner ($722 million) after the Supreme Court canceled 22 licenses for Uninor, the company's mobile operations unit in India.

In Friday's brief stock exchange announcement, it says the write down will be included in its results for the full year 2011, which are due on Feb. 8.

On Thursday, India's top court ordered the government to cancel licenses granted to companies during an irregular sale of cell phone spectrum. The sale has been branded as one of India's largest scandals in history. In all, it canceled 122 licenses, of which nearly a fifth belonged to Uninor.

Representatives of the Oslo-headquartered group did not immediately return telephone calls seeking comment.


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