2G ruling not to affect foreign investments: Moily

The cancellation of 122 2G licences by the Supreme Court would have no impact on the flow of foreign investments in India, Union Corporate Affairs Minister Veerappa Moily today said.

"I do not think the Supreme Court order on cancellation of 122 2G licences will affect flow of foreign investments in the country," Moily told reporters on the sidelines of a Ficci seminar here.

The Supreme Court on Thursday cancelled award of 122 licences to telecom companies in the 2G spectrum allocation scam.

Foreign telecom players like Telenor of Norway, Sistema of Russia, Etilasat and S-Tel had been affected owing to cancellation of licences.

Moily said the UPA government had only followed the earlier NDA policy of providing 2G spectrum on first-come first-serve basis.

"It was only UPA II had taken the decision to auction 3G spectrum which was highly successful," he viewed.

"Any honest dealing will be rewarded and there will be problem if there is dishonesty," Moily said.