Telenor to Write Down NOK 3.9 bn India Exposure

Telenor ASA expresses concern over the acceptance of Trai’s proposals on spectrum auction by DoT. Telenor says that it would be forced to exit the Indian market if the current plans for spectrum auction goes ahead. Its exit plan is also due to the cancellation of 2G licenses. Telenor would write down India exposure in its Q1 2012 financial results and it would be presented on May 8, 2012. The company said that 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 bn (NOK 2.6 bn after non-controlling interests)