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Emirati telecom Etisalat books $829 million hit to earnings after India court ruling
Afghans hang a commercial advertising billboard of Etisalat communication company in Kabul, Afghanistan, on March 28, 2010. THE CANADIAN PRESS/AP, Musadeq Sadeq
DUBAI, United Arab Emirates - Emirati telecommunications firm Etisalat says it is taking an $829 million hit to its earnings to account for Indian operations stung by a recent court ruling.
India's top court last week ordered the government to cancel 122 licenses granted to companies during a scandal-tainted 2008 sale of the 2G cellphone spectrum, including India's Swan Telecom.
Abu Dhabi-based Etisalat owns 45 per cent of Swan, which has been renamed Etisalat DB.
Etisalat said on Thursday it will take a 3.044 billion dirham ($829 million) impairment charge linked to the fallen value of the Indian unit.
It says the court decision "significantly alters the competitive landscape" in India's telecom market.
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