UAE-based Etisalat denies involvement in Indian 2G scam

Abu Dhabi, Feb 10(ANI): United Arab Emirates-based telecommunications services provider, Etisalat, has denied that its involvement in the 2G spectrum allocation scam in India.

It comes after Shahid Usman Balwa, Vice-Chairman of Etisalat DB- a joint venture between Etisalat and India's DB Group, was arrested in connection with the probe into irregularities in the awarding of 2G spectrum licences in 2008.

The Central Bureau of Investigation (CBI) has filed an FIR charging Balwa with criminal misconduct and criminal conspiracy.

Etisalat, which owns an approximately 45 percent stake in the venture, has maintained that it bought the stake in the firm, then called Swan, after the licence had been applied for and granted.

"Etisalat had no involvement whatsoever in the UAS licence application process," Gulf News quoted Etisalat, as saying in a statement.

"It is a subsequent external investor ... which purchased its stake in the company on the bona fide belief that the licences have been validly granted," it added.

The firm also said that it was committed to India, and would not withdraw from the country. (ANI)