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    Default 2G: Telenor to write-down $682 mn

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    Norwegian telecom company Telenor on Monday said it will write down $682 million to remove accounting exposure to India due to uncertain business environment in the sector.

    The company said its decision follows spectrum auction recommendations by telecom regulator TRAI after the Supreme Court had cancelled 122 telecom licences, including 22 of the Norwegian firm, in the 2G spectrum case.

    “As a precautionary measure, Telenor ASA has decided to write down the remaining fixed and intangible assets in India amounting to NOK (Norwegian krone) 3.9 billion (NOK 2.6 billion after non-controlling interests),” Telenor informed Oslo Stock Exchange.

    The write down will be included in Telenor’s results for the first quarter 2012, to be presented on May 8, 2012, the statement said.

    “After the write down, Telenor has no further accounting exposure related to India as of March 31, 2012.” it added.

    Telenor holds around 67 per cent stake in joint venture Uninor, and rest of it is owned by realty firm Unitech.
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