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.

A total of 16 countries including Saudi Arabia, Pakistan and Egypt, is where Etisalat, which is based in Abu-Dhabi, has operations in a total of 16 countries including Saudi Arabia, Pakistan and Egypt. Several entities, with major being Dynamix Balwas Group, holds he remaining 55% stake in Swan Telecom.

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