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).

Burj Dubai will be "The World’s Largest Tower"

Burj Dubai, Emaar Properties tower, which is now under construction, has already reached the height of 688 meters and has made a new record.

Builders said the tower is now a world’s tallest building, after it exceeded North Dakota, USA’s KVLY-TV mast (628.8 meters) which was built in April 2008.

This building has largest number of floors and over 160 storeys. Burj Dubai will make all possible arrangements to meet all the four criteria listed by the council on Tall buildings and Urban Habitat (CTBUH) that classifies the world's tallest structures

Karuturi Global to raise $ 100 million by selling 15% stake

World's largest producer of roses, Karuturi Global, has informed that the company is raising $100 million by selling a 15% stake in its Dubai-based subsidiary.

According to sources, the company will sell the stake in Karuturi Overseas to a private equity (PE) player valuing the Dubai-based subsidiary at over $650 million after the acquisition.

The Dubai-based unit is the holding company for all the African business of Karuturi Global and added about 90% of its revenues and net profit. The firm is presently valued at less than US$ 250 million.

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