I have some sympathy for Telenor’s plight in India. After the decision of the country’s supreme court to cancel the 122 2G licences that were illegally awarded in 2008, the Norwegian telco, along with some other foreign players, has been left high and dry.

Of course, some might say it serves them right. Overlooking the obvious risks, foreign firms rushed into joint venture agreements with local companies that had acquired their 2G licences through the shady practice of first-come-first-served. Huge sums of money exchanged hands. The thinking seems to have been that, with growth prospects so high in India’s mobile market, the gamble was well worth it. (more…)