Speaking to The Financial Express, Hinduja group vice-president for telecom KV Seshasayee said, "a new government could mean a new AG and a new opinion. Till the revenue sharing terms are not specified for both existing and new players, the new telecom policy has little meaning. For the new players, there is a wait ahead as TRAI has to outline the terms of revenue sharing and one hopes that the regulator does so at the earliest," said Seshasayee, who is also a prominent member on CII's telecom cell.

Speaking on the investment climate, Seshasayee said, "operators have to securitise their licence fee dues as well as pump in funds formeeting operating costs. There are only two sources of funds for operators at this point of time. Either institutions or foreign partners. Both of these are not willing to bring in a penny."

"Most of the foreign partners are either state-owned companies or listed entities back home and cannot keep investing in an uncertain environment as this. We, at Fascel, have already brought in Rs 540 crore as equity and how does one bring in more funds till the financial closure is not achieved which in turn hinges on tying up the debt portion for which we have letters of sanction but the disbursement is stuck. The same is the case for most other players," he added.

"The new policy is good but how does one take advantage of it when one can't invest. Take the case of opening up of domestic long distance to private players from January 1, 2000. No guidelines have been laid down till now and considering the billing systems, networks and agreements with other telecom players which would have to be put in place prior tothis, the industry is almost certain to miss the deadline," he lamented.

"Similarly, we plan to be major players in the convergence sector and see internet over cable as a big business. But we do not even know which is going to be the administrative ministry for us so how do we crystallise our investment plans," he said. "All that we have heard till now our statements of intent and not policies", said Seshasayee.