The UAE’s Etisalat has acquired a 45 per cent stake in Swan Telecom, a subsidiary of the Mumbai-based Dynamix Balwas group of companies, for $900 million.

The UAE’s Etisalat has acquired a 45 per cent stake in Swan Telecom, a subsidiary of the Mumbai-based Dynamix Balwas group of companies, for $900 million. The deal values Swan at $2 billion. In a related development, Swan Telecom is set to acquire the mobile licences held by Allianz Infratech. Allianz had applied for telecom licences on a pan-Indian level but was given permission to launch services in only two circles ?? Madhya Pradesh and Bihar. Swan, which has licences to operate in 13 circles, is not present in these two circles. The deal is likely to be announced soon.