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FINANCIAL NEWS
UAE’s Etisalat scraps plans to bid for Indian telco auction
06 Sep 2012
(MENAFN) UAE’s former monopoly Etisalat has decided to scrap plans to bid for airwaves in an Indian state auction scheduled in November, Reuters reported.
Earlier this year, Etisalat shut down its business in the subcontinent following a court ordered to revoke cellular permits including those granted to its local affiliate in a scandal-tainted 2008 sale.
Etisalat, with operations in 16 countries, reported USD517 million net profit, after federal royalty, for the second quarter.
Middle East’s No.2 telecoms operator said overseas revenue in the quarter grew by 14 percent to USD626 million.
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