Reuters, 27
Mar 2012 | 11:08 AM
Norway's Telenor ASA,
whose India joint venture is set to lose its licence following a Supreme
Court order earlier this year, on Tuesday denied demanding $14 billion in
damages from the government, as reported by a leading newspaper.
"But, we will
seek compensation for all investment, guarantees and damages," a company
spokesman said in an email to Reuters.
The company has not
stated any compensation amount in its letter to the Indian government on a
possible arbitration after its licences, along with those of 10 other
operators, were ordered cancelled by the Supreme Court in early February. .
Telenor is seeking a
solution from the government within six months or go for international arbitration
for failure to protect its investment in the country, the newspaper said,
citing the notice sent to the prime minister's office.
In early February, India
A Telenor spokesman
confirmed to Reuters it had informed the Indian government of its "intent
to invoke" the provisions of the so-called comprehensive economic
cooperation agreement (CECA).
"We are hopeful that
it remains the government's intent to protect and encourage bonafide foreign
investment in the country," the spokesman said in an emailed statement.
The newspaper cited
Telenor as saying in the notice, which was also sent to the telecoms department
and the corporate affairs ministry, it invested in India
"Despite having
no role to play either in the policy or in the process through which these
licences were awarded, Telenor stands to lose its entire investment made in India
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