The operator had planned to upgrade its network for 4G services, with the aim to provide 4G services in seven circles out of 22 where it presently has the 2G licence.
Telenor’s lack of spectrum and ability to compete with its competitors may force its potential exit from the Indian telecoms business. The operator failed to acquire any spectrum at last year’s auction which saw Idea Cellular spending over €4.4 billion (300 billion rupees).
While the operator is said to be seeking a valuation of between $1.6 billion and $1.8 billion, industry analysts say it might be able to raise $1 billion at most.
Telenor is said to have invested over $3 billion in India since 2008.
