Thursday 9 February 2012

UPDATE 1-UAE's Etisalat takes $827 mln charge against Indian ops | Reuters

Emirates Telecommunication Corp Ltd (Etisalat) wrote off the value of its Indian operations on Thursday, booking an $827 million impairment charge, after India ordered 122 telecoms licences to be cancelled amid a corruption probe.

The move by Etisalat, the Gulf's No. 1 telecom operator by market value, follows a similar step by Norway's Telenor which last week wrote down $721 million in licences and goodwill in India.

Meanwhile, Bahrain Telecommunications on Wednesday said it was selling its 43-percent stake in its Indian affiliate, in the first exit by a foreign operator after the Feb. 2 ruling which revoked 2G licences held by eight operators.

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