Dubai: Etisalat has announced that it is ending operations in India and winding up its joint venture, Etisalat DB.
The company’s decision comes three weeks after the government of India revoked more than 120 operator licenses as part of a wide ranging corruption probe.
“The decision of the Supreme Court of India… has removed EDB’s ability to operate ,” the company said.
“As unanimously resolved by the Board this evening, Etisalat DB will be taking steps to reduce operating costs, including the suspension of its network and services, pursuant to the terms of its UAS licenses.”
Etisalat, which has 1.7 million subscribers in India, said that the Supreme Court judgments “are based on actions that took place long before Etisalat entered the Indian market.”
The firm was critical of the Indian market, but was not clear on its immediate future in the country.
“Etisalat will make a decision on its future participation in the Indian market when there is clarity on the auction process and telecommunications policy and greater legal and regulatory certainty and stability.”
