Corporate Nov 5, 2012
Tata Teleservices has withdrawn from bidding for the CDMA spectrum as the company found it financially non-viable, CNBC TV18 reported today.
With the development, the government will not be conducting auction of CDMA spectrum as Videocon Industries, the only other bidder, had withdrawn its application last week.
Tata Teleservices did not find any point in bidding for loss-making circles such as Assam, North-East and Jammu & Kashmir, the report said quoting company sources.
According to the sources, the extra outgo to retain licences would add to these losses, making it financially unviable.
The Supreme Court had in its landmark order on 2 February cancelled three licences of Tata Tele.
The company has filed a curative petition challenging the order. The sources said the company is hopeful of getting relief from the Supreme Court.
More From Firstbiz Staff.