Norway Minister: Predictability Of Investments In India An Important Issue
10 Aprile 2012 - 10:24AM
Dow Jones News
Norway on Tuesday sought more predictability on investments in
India, as a recent court order cancelling telecommunications
licenses allotted to several companies and proposals on changing
tax rules with retrospective effect have raised concerns among
foreign investors.
Norwegian Trade and Industry Minister Trond Giske said he has
taken up with Indian Finance Minister Pranab Mukherjee issues
related to Norway-based Telenor ASA (TEL.OS)'s telecom operations
in the South Asian nation.
Telenor, which has already invested about $3 billion in its
India operations, is facing the risk of being stopped from
providing services in the country. This follows a Supreme Court
order to cancel 122 telecom licenses issued without auctions since
January 2008 to several operators including Unitech Wireless Ltd.,
Telenor's joint venture with Unitech Ltd. (507878.BY). The order
will come into effect June 2.
Norway also has "other companies that are looking for
possibilities to invest in India, in infrastructure, in industries
and services," Giske told reporters. They, however, need
predictability on investments, he added.
-By Prasanta Sahu, Dow Jones Newswires; +91-9967586928;
romit.guha@dowjones.com
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