India's big hang-up
Foreign investors rethink risk after top court scraps corruption-plagued telecom deals worthbillions of dollars.
- Published: 13/02/2012 at 03:26 AM
- Newspaper section: Business
Investing in emerging markets has its perils, a reality underscored by an Indian court ruling that has jeopardised billions of dollars worth of mobile phone investments by foreigners.
India's Supreme Court shocked the industry on Feb 2 by voiding 122 licences awarded in 2008. The justices said corruption and incompetence in the licence auction process had cost the state US$36 billion in potential revenue.
The high court has given the companies involved four months to wrap up their operations, after which the government would re-auction the spectrum to investors.
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About the author
- Writer: Tony Arora
- Position: Writer
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