Emirates Telecommunications Corporation to acquire a stake in Swan Telecom

Emirates Telecommunications Corporation to acquire a stake in Swan Telecom

UAE-based Emirates Telecommunications Corporation has announced that they are now acquiring a 45 per cent stake in Indian telecom company Swan Telecom.

The deal is worth around $900 million (around Rs 4,140 crore). It puts the value of the company as a whole at an astounding $2 billion.

Mohammad Hassan Omran, chairman, Etisalat spoke about this stake purchase: “Our entry in India, the fastest growing mobile markets in the world after china, will accelerate our expansion strategy. We are truly excited by the partnership with the DB Group and the prospect of building Swan Telecom into a leading telecom operator.”

Vinod Goenka, chairman of the DB Group added: “We believe that with Etisalat’s operational and commercial expertise and with our knowledge of the Indian market, Swan Telecom has the potential to become a leading force in Indian telecommunications.” They are one of the several remaining shareholders in the company.