New Delhi - Telecom service provider Etisalat DB Wednesday said it will shut down its services in India following the Supreme Court ordering cancelling of 122 spectrum licences, including 15 of the company, which has over 1.6 million subscribers.
"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 (unified access services) licenses," the company said in a statement Wednesday evening.
The firm said the official cessation date will shortly be communicated to its customers.
"The decision has been taken in order to protect the interests of all stakeholders and to avoid incurring further costs at this time of rapid change and continued uncertainty in the Indian telecommunications sector," the firm said.
Etisalat DB, a joint venture between Abu Dhabi-based telecom firm Etisalat and India’s DB Group, also said that it will make a decision on its future participation in the Indian market when there is clarity on the auction process and telecom policy apart from greater and regulatory certainty and stability.
Following apex court’s order earlier this month, Etisalat had also written off its investments worth $827 million in Etisalat DB.
The company has a 45 percent stake in Etisalat DB and ranks 14th in a market of 15 operators.
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Today : Thursday - May 24, 2012, 03:21pm (GMT+5.5)
