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Etisalat Declines to Participate in Indian GSM License Auction

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UAE based Etisalat has said that it wont be participating in the forthcoming Indian GSM license auction, having been burnt badly in the 2008 license scandal.

The company is the first major overseas investor to say it would not make an attempt to reenter the market following the auction.

The company owns a 45% stake in Etisalat DB (formerly Swan Telecom), one of the companies caught up in the GSM licenses scandal and which had its licenses cancelled by India's Supreme Court earlier this year.

The company took a hit of USD827 million on its financials after it wrote of the stake.

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Tags: etisalat  India