Telenor Writes Down Remaining Value of Indian Subsidiary

Norway’s Telenor says that it has written off the remaining value of its Indian subsidiary following the cancellation of the GSM licenses earlier this year.

Telenor said that if the current proposals to reauction the GSM licenses, are carried out as per the TRAI recommendations, then it will be “almost impossible” for it to participate in the auction.

Telenor said that is working actively towards Indian authorities to bring forward an acceptable framework for continued operations.

As a precautionary measure though, Telenor has decided to write-down the remaining fixed and intangible assets in India amounting to NOK 3.9 billion (US$680 million)

The write-down will be included in Telenor’s results for the first quarter 2012, to be presented on 8 May 2012. After the write-down, Telenor has no further accounting exposure related to India as of 31 March 2012.

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