Mumbai, Feb. 14: Aditya Birla group chairman Kumar Mangalam Birla today said the cancellation of nine licences of Idea Cellular was a "bolt from the blue" but said the conglomerate would stay in the telecom business.
This is the first reaction from Birla after the Supreme Court cancelled 122 licences of eight companies, including Idea Cellular, which lost nine licences.
Idea had applied for licences in 2006, but they were not granted to the telecom firm. Subsequently, its application was clubbed with those who were given licences in 2008.
"Our issue and situation is very different. Like everyone else, we are looking to unwind the situation, if at all," Birla told newspersons on the sidelines of an event here today.
Birla hinted that the company was considering all legal options but did not specify the exact course that Idea would take.
There are speculations that the mobile firm may look at filing a review petition. The Aditya Birla group chief, however, declined to comment on the issue.
He said the firm had not decided if it would participate in the spectrum auction and would first watch the steps taken by the government.
However, Birla said the group would continue in the telecom business as the industry had huge potential.
"The (telecom) sector has been mired in controversy since the last 15 years. It remains a business with great potential from a long-term point of view," he said.
Analysts believe the Supreme Court verdict will not impact Idea Cellular significantly.
There are no comments yet