The United Arab Emirates’ (UAE) Emirates Telecommunications (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 permitted to launch services in only two circles ?? Madhya Pradesh and Bihar. Swan, which has licences to operate in 13 of the 22 telecom circles in India, is not present in these two circles.
