Telenor (OSE: TEL) writes in a stock exchange notification, that the company is taking the step to write down all remaining assets in India totalling 3.9 billion NOK in its Q1 2012 accounts due on 8th of May. Following the high profile Supreme Court ruling to cancel 2G licenses and the recent decision of the Telecom Regulatory Authority to re-auction them, Telenor says uncertainty has increased substantially.
What is currently transpiring does not seem acceptable to Telenor. It says it is actively working towards Indian authorities to find a solution that would allow it to continue operations. One thing that it has previously shunned is possible downtime between the cancellation of licenses and the awarding of new ones. The wording of the most recent announcements seems to indicate an increased likelihood that Telenor will exit India altogether.
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