IFP Exclusive

IRGC Sells Its Shares in Iran’s Largest Telecom Firm

An IRGC unit in charge of the body’s economic operations announced on Wednesday it has left Iran’s telecommunications industry, after selling its share in a consortium controlling Iran’s top telecoms companies and biggest mobile phone operator.

In a statement, IRGC’s Cooperative Foundation said it has sold its share in Tose’e Etemad Mobin, a consortium that owns Telecommunication Company of Iran and its subsidiary, Mobile Telecommunication Company of Iran.

“In line with guidelines of the chief of staff of armed forces, the IRGC’s Cooperative Foundation sold its share and left Tose’e Etemad Mobin,” statement said, as quoted by Sepah News.

The move came after calls by Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei and President Hassan Rouhani that Iran’s Armed Forces must withdraw from the Iranian economy.

Last January, Iran’s Defence Minister Brigadier General Amir Hatami said Ayatollah Khamenei had tasked the armed forces’ chief of staff to push military forces, including IRGC and Army, to go out of the economy.

However, General Hatami said the armed forces will continue to engage in big national construction projects across the country, upon the government’s invitation.

“This is our principled orientation and we will do our best, but our success depends on the conditions of the market and the possibility of transferring the companies,” he said.

The engagement of IRGC and Iran’s Army in Iran’s economy started in the early 1990s, when the then-government encouraged the IRGC to get involved in construction of the country after the 1980-88 Iran-Iraq war.

However, in recent years, the government has come under pressure in the wake of criticism that armed forces have made it impossible for private sector firms to enter certain parts of the economy.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

Share
Published by
IFP Editorial Staff

Recent Posts

Iran denies missile program discussed in indirect talks with US

Iranian Foreign Ministry spokesman Esmaeil Baqaei has dismissed reports that the country's missile and defense…

1 hour ago

WFP says its food stocks in Gaza completely ‘depleted’ amid Israeli blockade

The United Nations’s World Food Programme (WFP) announced its food stocks in the Gaza Strip…

2 hours ago

Massive explosion rocks port in southern Iran, over 550 injured

A powerful explosion occurred on Saturday morning at Shahid Rajaei Port in southern Iran, with…

3 hours ago

Ukraine demands ‘at least’ Israel-style support from US

Kiev expects Washington to provide long-term security assistance modeled on the US relationship with Israel,…

3 hours ago

Iranian state media’s controversial broadcast draws criticism amid diplomatic thaw with Saudi Arabia

The recent broadcast of inflammatory content by Iran's state broadcaster IRIB during Saudi Defense Minister…

3 hours ago

Iran-Saudi rapprochement benefits region, says reformist Iranian politician

The recent visit of Saudi Defense Minister Khalid bin Salman to Tehran marks a significant…

3 hours ago