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Russia Threatens Arbitration Over Indian 2G Licenses Scandal
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The Russian government has warned India that it may seek International Arbitration if the the 2G licenses held by Russian telecom giant Sistema are not restored by the local courts.
"If the issue of cancellation of 2G licence to Sistema is not resolved in Indian courts, we will go for international arbitration," Alexander Kadakin, Russian Ambassador to India, said on the sidelines of a cultural event.
"We are upset about the decision," Kadakin added.
The Russian company has previously said that it may seek arbitration if the licenses are not restored. Sistema sent a formal notice earlier this year notifying the Indian government of a dispute under the Bilateral Investment Treaty (BIT) between the Government of the Russian Federation and the Government of the Republic of India.
Sistema owns just under 57% of MTS India, which has around 16 million customers in the country. The Russian government directly owns a 17.14% stake in the company following a previous share swap with Sistema.
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