Telenor to write down $724.5 mn investments in UninorFebruary 4th, 2012 - 3:50 pm ICT by IANS
New Delhi, Feb 4 (IANS) Norwegian firm Telenor Saturday said it would write down investments into its Indian mobile arm — Uninor — worth about $724.5 million (4.2 billion NOK) following the Supreme Court’s order cancelling 122 2G licences, including 22 licenses of Uninor.
The company, however, said this would not affect its Indian operations and it intended to protect its investment.
“According to IFRS (International Financial Reporting Standards) accounting standard, Telenor is committed to continuously assess its book value of assets and liabilities,” the company said in a statement.
Following the current developments regarding the award of 2G licences, Telenor ASA has decided to write down NOK 4.2 billion ($724.5 million) related to its investments in India. The write down is an accounting exercise and has no impact on the running of Uninor’s operations and the fact that the Uninor operations will continue,” it added.
An international news agency had Friday said Telenor could quit India after the Supreme Court cancelled its mobile licenses and not wait for new market rules to be introduced.
“That is one alternative that is on the table,” the agency had quoted company chief executive Jon Fredrik Baksaas as saying when asked whether Telenor should heed calls by several company investors and analysts to quit the Indian market and cut its losses.
Uninor has over 36 million customers across the country.
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- Telenor won't quit India, Norway monitoring situation - Feb 03, 2012
- Etisalat writes off $827 mn, evaluates India options - Feb 09, 2012
- Telenor writes down remaining Indian assets worth $680 mn - Apr 30, 2012
- Telenor's failure will hit India's image: Norwegian minister - May 12, 2012
- Uninor to scale down operations in four active circles - Jul 24, 2012
- Contest Telenor's demand for compensation: Unitech - Feb 16, 2012
- Telenor to form new company for India operations - Feb 21, 2012
- Telenor plans Rs.2,000 crore investment in India - Apr 21, 2012
- Income tax department attaches Unitech shares in Uninor - Mar 28, 2012
- Uninor to auction business and assets - Aug 01, 2012
- Company Law Board suggests mediation to Telenor, Unitech - Mar 01, 2012
- Telenor moves company law board to protect India investment - Feb 27, 2012
- Telenor, Unitech move Company Law Board to protect interests (Lead) - Feb 27, 2012
Tags: 2g, 5 million, assets and liabilities, chief executive, company investors, current developments, exercise, financial reporting standards, India, indian operations, international financial reporting standards, international news, investments, losses, mobile arm, New Delhi, news agency, norwegian firm, supreme court, telenor asa