Telenor seeks $14 bln in damages from India - report
Norway's Telenor ASA, 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, it has been reported.
Telenor is seeking a solution from the government within six months or go for international arbitration for failure to protect its investment in the country.
In early February, India's Supreme Court ordered all 122 mobile licences awarded in a scandal-tainted 2008 sale, including 22 held by Uninor, Telenor's local joint venture, to be revoked in four months.
A Telenor spokesman confirmed it had informed the Indian government of its 'intent to invoke' the provisions of the so-called comprehensive economic cooperation agreement (CECA).
"We are hopeful that it remains the government's intent to protect and encourage bonafide foreign investment in the country," the spokesman said in an emailed statement, without mentioning the damages it was seeking.
The Times of India cited Telenor as saying in the notice, which was also sent to the telecoms department and the corporate affairs ministry, it invested in India based on licences issued by the government and it had complied with the procedures.
"Despite having no role to play either in the policy or in the process through which these licences were awarded, Telenor stands to lose its entire investment made in India," the newspaper quoted the notice as saying.
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