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FINANCIAL NEWS
All of Etisalat’s Unitech licenses in India revoked
02 Feb 2012
(MENAFN) India’s telecom market received a new hit as the country’s Supreme Court revoked all 122 telecoms licenses issued under a scandal-tainted 2008 sale, Reuters reported.
The ruling affected all licences held by Unitech Wireless, the Indian joint venture of Norway’s Telenor and Unitech, and Etisalat DB, the joint venture between Abu Dhabi’s Etisalat and India’s DB group.
The telecoms scandal is the biggest of several that have emerged during Prime Minister Manmohan Singh’s second term and triggered massive street protests last year.
India is the second-largest cellular market in the world by subscribers, with 894 million at the end of December.
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