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).
Privately-held Swan Telecom, which has recently bagged start-up GSM spectrum in many circles including Delhi, is expected to provide the right entry point for Etisalat, which has been searching for an Indian partner for quiet some time now.
Swan Telecom had received license for rolling out operations in 13 circles.
Etisalat, which operates in 16 countries across Asia, the Middle East and Africa has a presence in India, through its data services subsidiary Technologia in Bangalore.
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