Putting to rest all the speculations about its quitting India in the face of the Supreme Court verdict cancelling 122 spectrum licences Norwegian firm Telenor has said its operation in India would continue.

The company said the Norwegian government is closely watching the situation to find a solution. 

The apex court gave the verdict in the face of ongoing 2G spectrum case which is turning out to be biggest scam in independent India.

"Telenor Group wants to be clear that the Uninor operations are continuing. Our intention is to fight to protect our lawful investments in the country. We are looking to the government to arrive at a fair solution," the firm said in a statement. 

"The Norwegian government has announced that they are monitoring the situation and will actively contribute to find solutions to secure Telenor's investments and presence in India," it added. 

Yesterday a section of media reported that Telenor is exploring the option of quitting India.

The company according to these media reports called it a serious attack on its investment.

The company’s 22 licences which it holds via its India arm Uninor are among those cancelled by the apex court. It said the ruling has serious retroactive consequences and withdrawing from India is one of the options it is looking to.

"That is one alternative that is on the table", a wire agency had quoted Jon Fredrik Baksaas as saying.