Telecom Sector

50 percent stake in India's Swan Telecom to be acquired by UAE's Etisalat

The United Arab Emirates' main telecom operator Etisalat said that a deal has been signed to obtain almost half of new Indian mobile operator Swan Telecom for 900 million dollars.

The company informed in a statement, “Etisalat ‘has signed a definitive agreement to acquire approximately 45 percent of Swan Telecom, a recently licensed mobile operator in India, by subscribing to newly issued shares for a cash consideration of up to 900 million dollars.”

Swan Telecom sells its 45% stake to UAE company

An agreement was signed between Swan Telecom, an Indian mobile telephony provider, and UAE based Emirates Telecommunications (Etisalat), under which 45% stake of the former would be sold to the latter for USD 900 million.

The company would need the Foreign Investment Promotion Board (FIPB) sanction for the investments. Swan Telecom, which is in the process of acquiring two more licenses in the country, already holds GSM licenses in 13 circles.

Emirates Telecom inks pact to acquire 45% stake in Swan Telecom for $ 900 million

UAE based leading telecom operator Emirates Telecommunications Corp. (Etisalat) has signed an agreement to acquire 45% stake in India's Swan Telecom for around $900 million.

Etisalat has valued Indian GSM service provider, Swan at USD 2 billion.

The remaining 55% stake in Swan will be held by several entities, including the Mumbai-based Dynamix Balwas Group (DB Group).