New Delhi (dpa) – A Norwegian telecommunications company told the Indian government Tuesday it plans to seek damages after subsidiaries in India lost frequency licenses after officials in India were ordered to redo a scandal-plagued auction. Norway's Telenor ASA, whose Indian joint venture is due to lose its telecoms licenses, served the notice of intent to claim damages to the Indian government, company officials said Tuesday. The Indian Supreme Court in February scrapped 122 licenses issued in allegedly fraudulent sales in 2008 and asked the country's telecom regulator to hold a fresh auction within four months. Telenor says it wants some form of recompensation within six months, otherwise it will seek international arbitration for failure to protect its investment in the country, the Times of India daily reported. The report, which cited Telenor's letter to Prime Minister Manmohan Singh's office, said the company had claimed damages amounting to nearly 14 billion dollars. Telenor spokesman Glenn Mandelid confirmed that the company had sent a notice, but said no compensation amount had been mentioned. “We are hopeful that it remains the government's intent to protect and encourage bona fide foreign investment in the country,” Mandelid said in an emailed statement. The cancelled licenses were held by nine companies, including joint ventures between Indian companies and Telenor ASA, United Arab Emirates' Etisalat Co and Russia's JSFC Sistema. BM ShortURL: http://goo.gl/P3Bhy Tags: India, Norway, Telecom, Telenor Section: Business, Latest News, Northern Europe, South Asia
