Etisalat opts not to participate further in 2G licence process in India

Etisalat has said it will not participate in the forthcoming GSM licence auction in India, having been burnt badly in the 2008 licence scandal.

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

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

Etisalat wrote-off US$827 million on its financials related to its investment in India.