Etisalat acquires 45 pc in Swan Telecom

Mumbai, Sep 23 (UNI) Emirates Tele communication Corporation (Etisalat) has acquired 45 per cent stake in Swan Telecom Private Limited, a mobile operator in the country, by subscribing shares of US dollar 900 million, implying a post-money equity value for 100 per cent of the company upto USD two billion.

Swan Telecom holds Universal Access Service Licenses (UASL Licenses) for 13 circles in the country and is in the process of acquiring license for two more circles. This will enable the company to provide a full spectrum of telecom services, including GSM services, covering a population of over 900 million across the country.

The remaining 55 per cent shares in Swan Telecom are held by many entities, including the company promotor, Dynamix Balwas Group (DB Group), a Mumbai-based real estate and hospitality business group.

Chairman of Etisala Mohammad Hassan Omran said, ''Our entry in India, is one of the largest and fastest growing mobile markets in the world today, marks an acceleration of our expansion strategy and brings to us an opportunity, which matches the scale of our ambitions. We are truly excited by the partnership with the DB Group and the prospect of building Swan Telecom into a leading telecom operator, emulating the successes, we have achieved in similar situations elsewhere.'' Citigroup Global Markets Limited is advising Etisalat on this transaction and Deutsche Bank is advising Swan Telecom.

UNI AR LY AG1907