Telenor scales back India operations
been around 11.1 billion crowns and for the 9 current circles around 7.9 billion, Bank of America Merrill Lynch said in a note.
In other words, by this measure, the company is scaling back the original exposure to India by around 60 percent and even the revised exposure by about one-half.
The fee raised in the auction was a clear disappointment to India 's deficit-constrained government as it raised less than a quarter of its target.
Telenor will pay a third of the spectrum fee within 10 days and the rest in ten equal instalments between 2015 and 2024. However, a fee of 16.58 billion rupees paid for its previous licenses, may be used to reduce its first payment.
Telenor will now operate through a new venture called Telewings, held in 26 percent by Lakshdeep Investments, after buying out India n property firm Unitech from their previous venture.
The new company will take over the customers, partners and infrastructure of the old business and plans to operate in Andhra Pradesh, Uttar Pradesh East, Uttar Pradesh West, Bihar, Gujarat and Maharashtra.
Most employees would also be taken over, although 300 are set to lose their jobs, Baksaas said.
However, it failed to win a licence in Mumbai, Kolkata and West Bengal.
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