TELECOM SECTOR THE ERSTWHILE GOLDEN GOOSE OF INDIA; CURRENTLY STARING AT FINANCIAL DISTRESS

OCTOBER Content

01. What is Disruption?

02. About Telecom Industry in India

03. Disruptions of the Telecom Sector 2016

04. Disruptive Power of Reliance

05. Financial Implications for the Incumbent –

06. Financial Implications for the Incumbent –

07. Financial Implications for the Incumbent -

08. Consolidation and Closure of Smaller Players

09. Government Assistance to Revieve the Telecom Sector

10. Conclusions

Telecom Sector 02. What is Disruption ?

Telecom Sector 03. What is Disruption ?

Disruption is often used as an effective Harvard Business School professor and strategy by a new and powerful entrant to disruption guru Clayton Christensen says outcast strong incumbents. Disruptions currently happening in corporate world include : (a) New-market disruptions and (b) low-end disruptions. New-market a disruption displaces an existing disruptions calls for creating whole new market, industry or technology, markets and/or new products; where as and produces something new and low-end disruptions are intended to lock more efficient and worthwhile. It is horns with existing incumbents in existing at once destructive and creative. markets and/or products. But to be truly disruptive, the proposed business idea should disrupt all proven incumbents in the target market.

Major Disruptors of the world

Source: https://www.businesstoday.in/opinion/columns/recent-developments-that-disrupted-indian-telecom-space/story/248127.html

Telecom Sector 04. About Indian Telecom Sector

Telecom Sector 05. About Indian Telecom Sector

In 1948, there were only 80,000 telephones (landlines) in India. The number of fixed-line telephones in 1991 were 5.07 million and the sector was Liberalization in 1994 with entirely state-run. the introduction of National Telecom Policy. Telecom Regulatory Authority of India (TRAI) an independent regulator was set up in 1997. In July 1995, the first mobile telephone service was launched in India

The sector has since witnessed exponential growth over past years primarily driven by affordable tariffs, wider availability, roll out of Mobile number portability (MNP), 3G & 4G, Indian telecom industry is evolving consumption now the second largest in patterns of subscribers the world by number of subscribers

Telecom Sector 06. About Indian Telecom Sector

Post Reliance Jio’s Entry in the telecom Mobile data usage in India jumped 144 per sector, active subscriber base has been cent (y-o-y) to reach 2,360 petabytes, with increasing due to drop in data tariff, average consumption per user in 4G improving 4G network & low cost calling. broadband reaching 11 gigabytes per month in December 2017. The number of mobile subscribers in India increased from 1,001 million at the end of The average 4G data consumption in India Sept 2016 (when Jio commenced for year 2016 (before the introduction of Jio) operations) to 1,191 million at the end of was around 1 GB per user per month. December 2017.

Active Subscriber (in Mn) 1600 1400 1200 1000 800 600 400 200 0

Airtel JIO Others Total

Data Usage (Mn MBs) 6000

5000 5,060 4,310 4000 3,780 3000

2000 1,540 1000 1,106 784 810 472 0 158 178 172 225 Q1 -FY Q2- FY Q3 -FY Q4- FY Q1 -FY Q2- FY Q3 -FY Q4- FY 2017 2017 2017 2017 2018 2018 2018 2018

Airtel Idea Vodafone Jio Telecom Sector Source: HDFC Securities Research, RBSA internal research 07. Telecom Disruptions 2016

Telecom Sector 08. Disruption in 2016

Reliance Jio has made 2016 a landmark year in terms of tariff, services and technology

Reliance Jio launched “introductory offer” at worldwide INTRODUCTORY lowest rate INR 50 per gigabyte OFFER

Jio’s Pricing strategy has disrupted the market & forced PRICING the telecom companies to STRATEGY devise ways of survival

Negative Impact on Financials of all the Telecom Companies in India

Due to stiff competition, it was excepted to bring consolidation in the industry.

Reliance Jio focused on data instead of voice market which is already matured. DIGITAL LIFE

Govt. to commence cutting down of Inter Connect Usage (IUC) charges leading to fall in revenues of all incumbents Telecom Sector 09. Disruptive Power of Reliance Jio

Telecom Sector 10. Disruptive power of Reliance Jio

Jio connectivity is available in nearly18,000 cities and 2,00,000 villages across the country

322 million – Jio’s expected Financially backed by its numbers of subscribers by Strong Parent “Reliance 2020 Industries Limited”

Jio's network is sophisticated enough to Jio has largest fibre-optic seamlessly upgrade to 5G. network in India

Investment issue faced by Strategy to target rural other market player to set area of India at low price up 4G network.

Consolidation or shut down of other players from the Industry.

Telecom Sector 11. Financial Performance Reliance Jio

Jio with its ubiquitous 4G only network is Average Revenue Per User (ARPU) dropped highly successful in moving the market from because Reliance Jio did not charge prime voice to data and remains a dominant customers and also gave discounts to those market leader in data consumption. who recharged online.

Company is doing aggressive capex to leverage the data capacity advantage, tying up for content, expanding VoLTE presence etc.

Revenue (INR in Crs) A RPU (INR) 160 7,400 7,130 156 7,200 155 154 6,860 7,000 150 6,800 145 6,600 140 6,400 6,150 137 6,200 135 6,000 130 5,800 125 5,600 Q2-2018 Q3-2018 Q4-2018

Revenue ARPU

Debt (INR in Crs)

160000 1,43,821 25 21.3 20 140000 1,24,449 15 120000 10 100000 88,435 5 80000 0 60000 -5 -10 40000 -12.2 -15 20000 -20 - -22.1 0 -25 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

EBITDA Debt to EBITDA

Telecom Sector Source: HDFC Securities- Reliance Jio, RBSA internal research 12. Financial Implications for the Incumbent - Airtel

Telecom Sector 13. Financial Implications for the Incumbent – Airtel

Airtel's ARPUs severely impacted as it tries telco. ITR is paid by international operators to match rival Jio’s tariff offerings. to local networks that receive calls. The ITR rate cut hurt Airtel’s gross revenue by INR Lower ARPUs affects revenues and profits. 123.5 crore in Q4FY2018. Airtel’s high-paying customers are going for plan downgrades. Its ARPU has seen erosion Drop in net profits was steeper than of more than INR 70 in the past two years. revenues due to higher fixed operating expenses. The interest cost, capex plans and The reduction in International Termination operational costs have put pressure on the Rates (ITR) also adversely impacted the operational income.

Revenue Standalone (INR in Crs) ARPU(INR)

18,000 15,589 16,433 250 16,000 14,875 14,300 13,980 12,489 200 14,000 193 192 194 196 188 12,000 172 158 154 10,000 145 150 123 116 8,000 100 6,000 4,000 50 2,000 - 0

Revenue (Standalone) ARPU

Revenue Standalone ( INR in Crs ) 70,000 30.0% 62,276 60,300 25.0% 60,000 55,49263 .8% 53,663 49,919 20.0% 50,000 45,351 15.0% 13.2% 11.2% 12.9% 40,000 10.0% 5.0% 30,000 0.1% 0.0% 20,000 -5.0% -10.0% 10,000 -15.9% -15.0% - -20.0% 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Revenue Standalone Net Profit Margin

Telecom Sector Source: MOSL Report – , RBSA internal research 14. Financial Implications for the Incumbent – Airtel

There is an Increase in debt significantly on and INR 3,325 Crs in Q2’18 and Q3’18 account of spectrum acquisition. respectively.

Debt to EBIDTA had increased to 9.4 times in The decreasing interest coverage ratio FY2017; which was brought down to 3.8 indicates that the company is under stress times in FY2018, through stake sales in to meet its debt commitments. investment companies. Net interest costs of the company have risen During FY2018, Airtel undertook several due to increase in debt burden. initiatives to meet its liquidity and funding requirements. The Company had completed Irrespective of the deteriorating debt the secondary sale of a portion of its stake in condition of the company, it will still have to Limited (“Bharti Infratel”) to continue incurring capex so as to compete global fund managers and other investors with the sophisticated 4G VolTE network of for a consideration of approx INR 2,570 Crs Jio.

Debt Standalone (INR in Crs) 70,000 65,416 10.0 60,0959 .4 9.0 60,000 8.0 50,000 45,571 7.0 40,000 6.0 5.0 30,000 21,570 3.8 4.0 20,000 14,218 3.0 10,365 2.1 2.0 10,000 1.1 1.1 1.0 0.6 - - 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Debt Standalone Debt to EBITDA

EBIT Standalone ( INR in Crs) 14,000 10.0 11,871 12,056 12,000 9,671 8.4 10,000 8.0 7.2 8,000 6,644 6.0 6,000 4,152 4,000 4.0 4.0 2,000 3.4 - 2.0 -2,000 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 0.7 -4,000 - -6,000 -1.1 -8,000 -5,781 -2.0

EBIT Standalone Interest Coverage Ratio Telecom Sector Source: MOSL Report – Bharti Airtel, Annual Report FY 2018, Bharti Airtel, RBSA internal research 15. Financial Implications for the Incumbent - IDEA

Telecom Sector 16. Financial Implications for the Incumbent – IDEA

Both voice and data services hurt by a brutal The regulation imposed 57% sharp decline in price war triggered by the entry of Reliance IUC settlement rates negatively impacted Jio, a development which has also forced Idea’s Revenue and EBITDA India’s No. 3 telco to merger with rival . Decrease in net profit margins due to increase in finance cost, decrease in revenue Decrease in revenue because of the and increase depreciation. reduction in interconnect rate, subscriber base and reduction in average revenue per user (ARPU).

Revenue(INR in Crs) ARPU (INR) 9490 10000 9010 200 8420 8660 9000 181176 179180 179181 8130 180 174 7560 173174 173 7470 8000 1657040 157 160 7000 6540 142 65106140 140 132 6000 114 120 5000 101500 4000 80 3000 60 2000 40 1000 20 0 0 8 7 6 8 8 8 7 7 7 6 6 6 5 5 5 5 4 4 4 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 ------

4 3 2 4 3 2 4 3 2 4 3 2 1 4 3 2 1 1 1 1 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

Revenue ARPU

Revenue (INR in Crs) 40,000 15% 35,949 35,575 35,000 31,570 9% 10% 30,000 6% 7% 28,279 26,518 5% 4% 25,000 22,457 0% 20,000 -2% -5% 15,000 -10% 10,000 5,000 -15% -17% - -20% 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Revenue Net Margin

Telecom Sector Source: MOSL Report – , RBSA internal research 17. Financial Implications for the Incumbent – IDEA

Idea’s net debt stood at INR 36,400 crore, or Debt-EBITDA ratio would be around 8.8-8.9 3.2 times annualized EBITDA for the times, simply because of the additional September 2016 quarter. By the end of the tower lease rentals the company will now September 2017 quarter, debt has ballooned have to bear. to INR 54,000 crore or as much as nine times annualized EBITDA. Debt as on 31st March 2018 stands at INR. 57,985 � Crs includes a large component of Even after a reduction of INR 4,000 crore of debt from DoT under ‘Deferred Payment debt from sale of its stand-alone towers to Obligation’ for Spectrum acquired in American Tower Corp in the FY2018, the net Auctions.

Debt (INR in Crs) 70,000 12.0 57,985 60,000 55,053 10.0 9.6 50,000 40,541 8.0 40,000 6.0 30,000 26,859 5.4 20,635 4.0 20,000 14,043 3.4 2.5 2.7 2.7 10,000 2.0

- - 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Debt Debt to EBITDA

EBIT (INR in Crs) 7,000 6.0 5,711 6,000 5,508 5.1 5.0 5,000 4,000 3.9 4.0 2,814 2,527 2,449 3,000 3.2 3.0 2,000 2.3 1,000 2.0 - 1.0 -1,000 2012-13 2013-14 2014-15 2015-16 2016-170.6 2017-18 - -2,000 -0.5 -3,000 -2,362 -1.0

EBIT Interest Coverage Ratio

Telecom Sector Source: MOSL Report – Idea Cellular, RBSA internal research 18. Financial Implications for the Incumbent - VODAFONE

Telecom Sector 19. Financial Implications for the Incumbent – VODAFONE

Vodafone India’s service revenue dropped Vodafone India’s average revenue per user 29% on y-o-y to INR 7,100 crore in the fourth (ARPU) fell to its lowest ever of Rs 105 in the quarter of 2017-18 as the country’s fourth quarter of 2017-18. second-largest telco reeled under the effects of cuts in local and international Due to fierce competition in the telecom interconnect rates and price wars. industry, Vodafone announced to merge with its rivalry Idea cellular.

Revenue (INR in Crs) ARPU (INR)

12,000 10,880 250 10,335 10,550 9,565 9,970 10,000 9,295 198195 8,570 200 192192193187189184184 178175177176171 7,100 8,000 158 142141 150 6,000 132 114 101500 4,000

2,000 50

- 0 8 7 6 8 8 8 7 7 7 6 6 6 5 5 5 5 4 4 4 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 ------

4 3 2 4 3 2 4 3 2 4 3 2 1 4 3 2 1 1 1 1 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

Revenue ARPU

Telecom Sector Source: MOSL Report – Telecom, RBSA internal research 20. Stress in the Telecom Sector

Telecom Sector 21. Stress in the Telecom Industry

Cumulative debt of Telecom Sector - INR 7.7 Lakh crores High spectrum cost - Wherein highest bid/sale price at one auction acts as a floor price for the succeeding auction.

Higher Debt to EBITDA Ratio for sector as a whole

Decreasing interest coverage ratio to such levels where servicing the current debt has become unsustainable

Declining trend in profitability due to various reasons like entry of greenfield Telecom Service Providers (TSPs) as against the existing brown field operators, Spectrum Usage Charges is a fixed proportion of Adjusted Gross Revenue (AGR).

Tariff war and disruptive Entry of Reliance Jio

Expansion of telecom services to remote and rural area in the country involves huge capital investments by the service providers. Also, low returns on these investments (low potential revenues, low commercial activity, etc.) make expansion in these areas less profitable for the TSPs and act as a bottleneck for their investments

Telecom Sector Source: https://www.businesstoday.in/opinion/columns/recent-developments-that-disrupted-indian-telecom-space/story/248127.html 22. Consolidation and Shut down of Operations

Telecom Sector 23. Merger of Airtel and Telenor

Transaction Payment and Synergy

The transaction, won’t involve any Airtel will assume the Telenor cash payments to Telenor. It will unit’s liabilities related to license give Airtel access to 54 million fees and lease obligations for customers (increasing its user phone towers (around INR 1,600 base to 320 million), 43.4 crore of spectrum and INR 4,000 megahertz (MHz) of spectrum in crore lease obligations). the 1,800MHz band and 20,000 base stations.

Market Share Benefits

Post-Acquisition Airtel Revenue The Benefits of Carried forward Market Share will be 34.30% as loss of INR 5575.95 crore can be against Idea plus Vodafone claimed by Airtel 40.70%

Telecom Sector 24. Merger of Idea and Vodafone

Transaction Value equation

Vodafone to combine its The two companies agreed to subsidiary Vodafone India merge their operations with a (excluding its 42% stake in Indus swap ratio of 1:1. Towers) with Idea Cellular

Immediately post merger, Vodafone to receive a 50% stake. Vodafone will transfer a 4.9% stake in the combined company to Aditya Birla Group

Ownership Split Post Merger Scenario

Vodafone: 45.1% 35% of Market Share Aditya Birla Group: 26.0% 41% of Revenue Market Share Idea’s minority shareholders: 28.9% 40 Crores of customers

Telecom Sector 25. files for bankruptcy due to high debt mounting losses triggered by price war

Entry of Reliance Jio impacted Aircel - Rcom plan to merger; but small telecom players like Aircel latter called off

Aircel filed for bankruptcy - Maxis Aircel’s attempts for debt (the Parent Company) lost $1.2 restructuring couldn’t be billion injected for common stock successful. and $1.6 billion of redeemable preference shares.

Telecom Sector 26. Reliance Communication sells its telecom assets

Having already endured a steady Rcom intended to gain scale and loss of market share over several cost savings through the merger years , Rcom was badly hit by the with rival operator Aircel, but it slump in mobile pricing didn’t go through

Rcom closed its consumer mobile NCLT, based on the application by business and agreed to sell its Ericssion admits RCOM for entire tower and optical fiber insolvency proceedings. RBSA network to Jio, along with its Restructuring Advisors was mobile spectrum. appointed as Interim Resolution Professional (IRP)

The telco managed to stave off the insolvency process. Supreme Court allows RCom to sell telecom assets worth Rs 181 billion to Reliance Jio

Telecom Sector 27. Government Assistance to Revive the Telecom Sector

Telecom Sector 28. Improving Regulatory Environment The Govt. has swung into action to address some of the regulatory overhang. Some of the Govt. initiatives include:

Approved in Feb 2014 M&A Increase in merged entities' market share cap to 50% Guidelines (including wireline), potentially enabling larger operators to participate in the M&A process

An operator can hold up to 35% of the total spectrum assigned across all bands in a circle Easing Spectrum The 50% cap on holding of total spectrum within a given Holding Caps band in a circle scrapped Operators can hold up to 50% of the combined spectrum holding in sub-1 GHz bands (700, 800, 900 MHz) in a circle

Spectrum sharing enables operators to supplement existing Spectrum spectrum holdings and achieve higher spectrum efficiency Sharing and Spectrum trading allows operators to acquire and bolster Trading spectrum holding or monetise unused or under-utilised spectrum

Telecom Sector 29. Improving Regulatory Environment

Passive network sharing allows operators to expand network Passive & Active coverage in a cost effective manner Infrastructure Active infrastructure sharing allows operators to reduce their Sharing capex and lower operational costs

Extension of time period for the payment of spectrum Spectrum bought in auctions by telcos to 16 years from the current 10 years Payment Extension Approved lowering of interest rate on penalties imposed on telecom operator

Spectrum Sharing and 3% flat spectrum usage charges (SUC) Trading

Telecom Sector 30. Conclusion

Telecom Sector 31. Conclusion

India’s telecom sector is going through a as levy and taxes to the government, which period of stress owing to growing losses and is one of the major reasons for the industry’s rising debt, amid heightened competition debt of INR 7.7 lakh crore. due to the disruptive entry of Reliance Jio The government has swung into action to A new entrant has disrupted the market with support the debt laden telecom sector. It is low-cost data services and the revenue of formulating a new telecom policy (NTP), incumbent players has fallen. The crisis has where issues of regulatory and licensing also severely impacted investors, lenders, frameworks impacting the sector, partners and vendors of these incumbent connectivity for all, quality of services, ease companies. of doing business and absorption of new technologies including 5G and IoT will be Besides the tough competition in the addressed. market, carriers have claimed that almost 30 paise of every rupee earned by them is paid

Telecom Sector 32. SNAPSHOT OF RBSA TELECOM CREDENTIALS

Telecom Sector 33. SNAPSHOT OF RBSA TELECOM CREDENTIALS

Insolvency Resolution Professional for Insolvency Resolution Professional for Insolvency Resolution Professional for Ltd. under Reliance Telecom Ltd. under Insolvency & Reliance Infratel Ltd. under Insolvency & Insolvency & Bankruptcy Code, 2016 Bankruptcy Code, 2016 Bankruptcy Code, 2016

Insolvency Advisory Services Insolvency Advisory Services Insolvency Advisory Services

Valuation and Financial Advisory Services Valuation & Financial Advisory Services Disinvestment of Stake in Bharti for Assets of Aircel Ltd. / Aircel Cellular for Videocon Industries Ltd. and Hexacom Ltd. by TCIL Ltd. / Dishnet Wireless Ltd. under Videocon Telecom Ltd. under Insolvency Insolvency & Bankruptcy Code, 2016 & Bankruptcy Code, 2016

Financial Advisory Services Financial Advisory Services Valuation & Transaction Advisors

Financial Advisory Services for Valuation of Business, Tangible and Valuation of Telecom Network and Tower provinding Valuation and Fairness Intangible Asset of Reliance Globalcom Assets of Hutchison Essar (Now Opinion on Share Swap Ratio for Merger Limited for the purpose of Purchase Price Vodafone) for Financial Reporting of India with Bharti Allocation for Singapore Listing of Global purposes Airtel Telecommunication Infrastructure Trust (GTIL)

TELESERVICES LIMITED Financial Advisory Services Valuation & Purchase Price Allocation Valuation & Transaction Advisors

Telecom Sector 34. RANGE OF SERVICES

Valuation Restructuring

• Business Valuation • Insolvency Professional Services • Valuation of Brands, Intangible Assets & Intellectual Property • Resolution Plan Preparation • Valuation of Financial Securities, Instruments and Derivatives • CRO Services – Chief Restructuring Officer • Valuation of Industrial Assets, Plant & Machinery • Priority and Interim Funding • Valuation of Real Estate • Turnaround Advisory & Business Transformation • Valuation of Infrastructure Assets & Specialized Assets • Techno Economic Viability Studies / Feasibility Studies • Purchase Price Allocations for Mergers & Acquisitions • Fairness Opinions on Distress M & A • Impairment Studies for Tangible Assets • Independent Evaluation of Restructuring Proposals • Impairment Studies for Intangible Assets & Goodwill • Interim Management Services • Mines, Mineral Advisory and Valuation • Transaction Structuring • Valuation of ESOPs and Sweat Equity • Bid Evaluation / Vetting of Resolution Plan • Valuation for Tax, Transfer Pricing and Company Law Matters • Operations & Management of Stressed Companies • Fairness Opinions • Cashflow Management • Advisor to Committee of Creditors/ Creditor Advisory • Process Advisor

Investment Banking Advisory Services (SEBI Registered – Category I Merchant Bank) • Mergers & Acquisitions • Strategic & Risk Advisory Services • Transaction Structuring & Advisory • Technical Assurance Services • Due Diligence – Financial, Tax & Business • Chartered Engineers Opinion & Certification • Fairness Opinions • Lender’s & Investor’s Engineer Services • Corporate Finance & Advisory • Project Cost Investigation and Forensic Advisory • Private Equity and Venture Capital • Project Appraisal and Monitoring • Debt Solutions, Syndications • Financial Advisory for Dispute & Litigation • Partner Search and Joint Ventures • Cost Segregation • Corporate Restructuring, Business Reorganization • Transfer Pricing Studies • Reserve Fund Analysis

Telecom Sector 35. CONTACT US

Management

Rajeev R. Shah Manish Kaneria Gautam Mirchandani Managing Director & CEO Managing Director & COO Managing Director & Head (Business Initiatives) +91 79 4050 6070 +91 79 4050 6090 +91 22 6130 6000 [email protected] [email protected] [email protected]

Research Analysts

Nitin Mukhi Samyak Bumb +91 79 4050 6072 +91 79 4050 6072 [email protected] [email protected]

India Offices

Mumbai Office Delhi Office Bangalore Office Ahmedabad Office Kolkata Office 21-23, T.V. Industrial Estate, 9 C, Hansalaya Building, Unit no. 104, 1st Floor, 912, Venus Atlantis 9th Floor, KAHM Tower, 248-A, S.K. Ahire Marg, 15, Barakhambha Road, Sufiya Elite, # 18, Corporate Park, 13, Nellie Sengupta Sarani, Off. Dr. A. B. Road, Connaught Place, Cunningham Road, Anand Nagar Road, Kolkata - 700 087 Worli, - 400 030 New Delhi - 110 001 Near Sigma Mall, Prahaladnagar, Tel: + 91 97243 44446 Bangalore - 560 052 Ahmedabad - 380 015 Tel: +91 22 6130 6000 Tel: +91 11 2335 0635 Fax: +91 22 6130 6001 +91 11 2335 0637 / 68 Tel: +91 80 4112 8593 Tel: +91 79 4050 6000 +91 97435 50600 Fax: +91 79 4050 6001

Global Offices

Singapore Office Dubai Office 105 Cecil Street, 2001-01, Level 20, # 18-00 The Octagon, 48 Burj Gate Tower, Sheikh Zayed Road, Singapore - 069534 Downtown, PO Box 36615, Dubai, UAE Tel: +65 8589 4891 Email: [email protected] Tel: +971 4 518 2608 M: +971 52 617 3699, +971 52 382 2367 Fax: +971 4 518 2666 Email: [email protected]

Telecom Sector 36.