Videocon plans to continue 2G operations

Nearly a month after cancellation of its 2G licences, Videocon today said it plans to continue its telecom operations and will participate in the auction for 2G spectrum.

The Supreme Court last month had cancelled 122 licences, which also included 21 licences of Videocon Telecommunications Limited (VTL).

"VTL is continuing with its business. It proposes to participate in the auction and is hopeful of continuing the business thereafter," Videocon Industries said in its financial results filed on BSE.

VTL is a subsidiary of Videocon Industries and was granted 2G licences in January 2008 by the then telecom minister A Raja.

Another new operator Uninor, a joint venture between Telenor of Norway and Unitech, has also conveyed that the company would participate in the spectrum auction.

"The company has, directly and through its sudsidiaries, made investments of Rs 1,500 crore and advanced loans of Rs 1,962 crore to VTL," Videocon Industries said in the filing.