OSLO Dec 14 Norwegian telecoms operator Telenor
will stick to its peak funding target in India where it
expects to break even by the end of next year, the firm said on
Telenor has set a peak funding cap of 155 billion Indian
rupees ($2.85 billion), or about 16 billion Norwegian crowns on
its Indian operations and recently reduced its presence in the
country to stay below the limit.
Telenor won back its telecom operating licences in six of
India's most populous states in an auction last month, after
Indian authorities had cancelled 122 operating permits awarded
in a corruption-tainted licensing round, forcing Telenor and
others to reapply.
Telenor originally had licences in 13 circles and the Indian
unit has never made a net profit.
The cost of acquiring its six new licences was 4.2 billion
crowns and the firm targets above 25 percent equity return on
new money invested in India
($1 = 54.4350 Indian rupees)
(Reporting by Victoria Klesty; Editing by Balazs Koranyi)