Sun, 13 May 2012 08:54:03 GMT

Norway warns India of 'political implications' if Telenor fails

Telenor's $3 billion investment in India will have political implications.

Norway warns India of 'political implications' if Telenor fails

"Telenor is not just any company. 54% of the shares are owned by Norwegian people through state and thus, it has even further political implications that such a company will be harmed. If this investment fails, it will be probably the biggest loss a Norwegian company has in foreign investments ever. I think also it will be fair to say that it will influence the view of India as an investment country," Norwegian trade and industry minister, Trond Giske, told reporters.

Giske is the representative of Norwegian government on the board of Telenor, which holds 67.25% stake in the telecom operator, Uninor. The balance is held by realty major Unitech.

As many as 22 licences of Uninor were among the 122 licences cancelled by the Supreme Court on February 2, issued during the tenure of the then telecom minister A Raja. Uninor has been permitted to operate till September 7.

Giske added that Norway and India share good bilateral relations and expressed hope that the issues will be resolved soon.

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