NEW DELHI Telenor's India unit said on Saturday it would close down its mobile phone services in Mumbai zone immediately after a court ordered that carriers whose permits were revoked and did not win fresh rights to airwaves must stop services.
Telenor's permits in 22 zones were among those ordered to be revoked by India's supreme court last year after a massive scandal over the grant of cellular licences in a 2008 sale.
Telenor won rights to airwaves in six of those zones in an auction in November and has said it might decide to bid for spectrum in Mumbai zone in an auction due in March.
"Unfortunately, we have no choice now but to follow the court's order and close down our network immediately," Sigve Brekke, managing director of Telenor's India operations, said in a statement.
The Telenor unit had 1.8 million customers in Mumbai as of December.
(Reporting by Devidutta Tripathy; editing by James Jukwey)
India to receive normal rains, not surplus, as La Nina chances fade
MUMBAI/NEW DELHI India will receive normal rainfall over the 2016 monsoon season, not surplus as previously expected, with the chances of a La Nina weather pattern emerging over the period seen as unlikely, three senior officials at state-run weather department said.
Piramal to partner Bain Capital for distressed-debt investment
MUMBAI Piramal Enterprises Ltd said it would partner Bain Capital to invest in distressed assets, becoming the latest entrant in the space as the nation's banks are on a drive to clean up $120 billion of sour debt.
China takes aggressive steps to fend off banking, financial risks
BEIJING/SHANGHAI China took aggressive steps on Wednesday to head off signs of growing risks in its financial and banking system, unveiling detailed rules to curb an unruly peer-to-peer (P2P) lending sector and intervening in its money markets.