India assures Norway fair solution for Telenor

Seoul: India on Monday assured Norway of a fair solution for Telenor whose multi-billion investment in the country faces uncertainity following cancellation of 122 telecom licence by Supreme Court. The issue came up for discussion at a meeting between Indian Prime Minister Manmohan Singh with his Norwegian counterpart Jens Stoltenberg on the sidelines of Nuclear Security Summit here.

"Prime Minister assured Stoltenberg that all attempts will be made for a fair solution and the Norwegian PM felt reassured," sources said. Singh also informed Norwegian Prime Minister that all countries will be given equal treatment while the government finds a solution following the judicial pronouncement. Sources said Stoltenberg appreciated that there is an independent judiciary in India and there is a Supreme Court ruling in the case which has given four months for issue of fresh licences and allocation of spectrum through auction.

Telenor`s had acquired 67.25 per cent stake in Uninor which was given 22 licences for 2G telecom services along with spectrum that was allocated under controversial method in 2008. All Uninor licences were among those cancelled and the company would not be able to carry out business after June 2 unless a solution is found. According to Telenor, it has invested over Rs 6,100 crore in equity and over Rs 8,000 crore in corporate guarantees. The Norwegian firm has also run into a legal battle with its Indian partner Unitech.