'Scrapping 2G licences would hit foreign investor sentiment'

February 02, 2012 17:58

Shefali Anand writes in IndiaRealTime, the Wall Street Journal's blog on India, that Thursday's Supreme Court ruling cancelling 122 2G licences amid allegations of fraud in their allocation 'will penalize foreign companies not involved in any wrongdoing, and will likely further hit foreign investor sentiment toward India,' quoting telecom experts.

'At the time of their investment, foreign companies, following procedures laid down by the Indian government, had no reason to believe there were any irregularities in the granting of the licenses, say experts. Over the years, these companies have invested major sums of money into India in an effort to gain a pie of India's growing telecom market,' she writes here.

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