Telenor's failure will hit India's image: Norwegian minister

May 12, 2012 |

IANS

New Delhi

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The failure of Telenor's $3-billion investment in subsidiary Uninor will not only impact India's investment destination image but will also have political repercussions, Norway's Trade Minister Trond Giske said here on Saturday.

"If this investment fails, I think, it will be fair to say that it will influence the view of India as an investment country," Giske told reporters.

"Telenor is not just any company. 54 per cent of its shares are owned by Norwegians through the state and, thus, it has further political implications."

Telenor lost 22 2G spectrum licences when Supreme Court, in its Feb 2 ruling, cancelled 122 such licences issued during telecom minister A. Raja's tenure.

Telenor has a 67.25 per cent stake in Uninor.

The Norwegian minister also met Planning Commission Deputy Chairman Montek Singh Ahluwalia and discussed the issue.

He also met the company's employees here along with Telenor chief executive Fredrik Baksaas and Uninor managing director Sigve Brekke.

Giske said Norway and India had strong bilateral relations, which can handle challenges.

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