Etisalat to buy stake in Swan Telecom

September 23rd, 2008 - 4:56 pm ICT by IANS  

New Delhi, Sep 23 (IANS) Abu Dhabi-based Emirates Telecommunications Corp ETEL.AD (Etisalat) will tie up with India’s Swan Telecom, Minister of Communications and IT A. Raja indicated here Tuesday.”I am told unofficially one of the companies which got spectrum in some of the areas is going to align with Etisalat… It is probably Swan,” Raja said on the sidelines of an India Post conference. However, he did not divulge any further details.

Swan Telecom provides mobile telephone services in 13 circles in India.

“We have worked out the deal,” a top Swan official told IANS over telephone but refused to give more details.

According to media reports last week, Etisalat was to buy 49 percent stake in India’s Swan Telecom for around $1.3 billion.

Etisalat, the Gulf region’s second largest telecom firm by market value, could raise its stake to 51 percent later.

However, recent media reports stated that Etisalat had agreed to buy about 45 percent of India’s Swan Telecom for up to $ 900 million.

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