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Etisalat plans to boost Indian stake
02 February 2010
Etisalat wants to raise its stake in its Indian operation, Etisalat, to more than 50% as part of an expansion plan
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[Etisalat]
[India]
[UAE]
[Etisalat DB]
[Swan Telecom]
[Atlantique Telecom]
Etisalat is seeking to increase its stake in Etisalat DB to 50% plus one share from the current 44.73%. The UAE telecom company is looking to expand its presence in India and Africa.
Etisalat had bought a 44.73% stake in Swan Telecom for $900 million in 2008 and had later rebranded it as Etisalat DB. Several entities including the promoter company, Dynamix Balwas Group, hold the remaining 55% stake.
Etisalat DB is yet to begin its operations in India and has licences to offer Internet services and telephony and broadband services in 15 circles.
Etisalat has acquired the remaining stake in the African company, Atlantique Telecom, for $75 million. It operates Atlantique Telecom as part of a 10-year management contract maturing in 2015. GTB