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Who'd want to invest in India?

Telenor this morning revealed it is booking almost 4 billion Kroner in charges against its Uninor joint venture in India, in anticipation of its licenses being cancelled in the country.

The operator, and others, face hefty fees to regain the 122 licenses revoked in February, after local regulator TRAI last week proposed the licenses should carry a premium price, some 13 times higher than the original cost.

Between this and India's ongoing attempts to retroactively change its laws to enforce a tax bill on Vodafone, I'm starting to wonder if the promised land of untold new subscribers is really worth the hassle to overseas firms? I mean, it seems India doesn't want to play fair, so why should anyone want to invest in it?