Etisalat plans to buy shares in RCom

Mumbai, Jul 20: Abu Dhabi-based Emirates Telecommunications (Etisalat) plan to buy 26 percent in telecom firm Reliance Communications (RCom), India's No 2 mobile operator.

Financial Times reported that the deal was estimated to be worth Rs 14,133 crore.

The Etisalat and RCom are also considering the merging of RCom with Swan Telecom, the Indian company in which Etisalat holds a 45 per cent stake.

Etisalat has admitted that it is considering a deal with RCom, the only major local cellular carrier without a foreign strategic investor in the world"s fastest-growing mobile market.

In Jul 2010, RCom agreed to merge its telecom communication towers business with that of GTL Infrastructure.

OneIndia News