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FINANCIAL NEWS
UAE’s Etisalat to shut down Indian JV’s operations
23 Feb 2012
(MENAFN) Etisalat said that since an Indian court cancelled the company’s affiliate license, the firm would close the operations of Etisalat DB (EDB), its Indian joint venture, reported Emirates 24/7.
The telecom company added that it wrote off USD827 million relating to the joint venture, in which it has a 45 percent stake, after the affiliate’s 15 licenses were scrapped by the Supreme Court’s order.
It also said that the decision aims at protecting the interests of all stakeholders, and to avoid incurring more costs.
It is worth noting that in 2008, Etisalat paid USD900 million for its stake in the company, then called Swan Telecom, after the license had been granted.
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