Telenor may be looking to exit its India telecom business but hasn’t been able to find a buyer so far. Lately, Telenor in India has announced that it is upgrading its network for 4G services and by the end of the financial year, it will start providing speedy 4G data in 7 circles out of total 22 where it has the 2G license. But now Telenor India Plans to Exit from Indian Telecom Business.
Telenor India Plans to Exit from Indian Telecom Business
The company, which has spectrum in seven circles but operates in just six of India’s 22 zones with airwaves only in 1800 Mhz band, is said to be looking for a valuation between $1.6 billion and $1.8 billion (Rs 11,000-12,000 crore). But experts say it may at best be able to get around $1 billion (Rs 6,800 crore), with spectrum being the main saleable asset.
The company’s India experience has been fraught with disappointment, given that it has invested over $3 billion since 2008-09 in trying to build a business in the country, now the world’s fastest-growing mobile phone market. After losing all its India licences in 2012, Telenor sought to fight back but hasn’t been able to make much headway.
As reported by Times of India, the Norwegian company has awarded the contract to Huawei which has already swapped 7000 cell sites out of total 25000 cell sites the telco holds.