Write down of remaining book values in India
(Thomson Reuters ONE) -
During the first quarter 2012, Uninor's operational performance in India has
developed according to plan. Following the Supreme Court's ruling in February to
cancel Uninor's licenses and the recent recommendation from the Telecom
Regulatory Authority of India (TRAI) regarding the 2G license re-auction, the
uncertainty has increased significantly. If the recommendation from TRAI in its
current form should be approved by the Department of Telecommunications (DoT),
it will be almost impossible to participate in the auction for Telenor. Telenor
is working actively towards Indian authorities to bring forward an acceptable
framework for continued operations.
As a precautionary measure, Telenor ASA has decided to write down the remaining
fixed and intangible assets in India amounting to NOK 3.9 billion (NOK 2.6
billion after non-controlling interests). 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.
Contact:
Tor Odland
Telenor Group
+47 9909 0872
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Telenor via Thomson Reuters ONE
[HUG#1607192]
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 140386
Anzahl Zeichen: 1864
contact information:
Town:
OSLO
Kategorie:
Business News
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"Write down of remaining book values in India"
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