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Emirates Telecom buys 45 pct in India’s Swan

Posted by Yogesh on Tuesday, 23 September, 2008

DUBAI, Sept 23 (Reuters) – Emirates Telecommunications Corp ETEL.AD (Etisalat) said on Tuesday it agreed to buy about 45 percent of India’s Swan Telecom for up to $900 million.

Etisalat, the second-largest Arab telecom firm by market value, said the deal implies a valuation of $2 billion for the Indian firm.

Abu Dhabi-based Etisalat, which lost its monopoly at home when du DU.DU started operations in early 2007, operates in 16 countries, including Saudi Arabia, Pakistan and Egypt.Source Reuters

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