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| Etisalat plans to raise stake in Indian unit |
| BS Reporter / Mumbai Feb 02, 2010, 00:32 IST |
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UAE-based telecommunications company Etisalat said in a statement today it planned to increase stake in its Indian telecom company, Etisalat DB, to 50 per cent plus one share from the current 44.73 per cent.
Etisalat said it had filed an application in this regard on December 3, 2009, to the Foreign Investment Promotion Board (FIPB). It had acquired the 44.73 per cent stake in Swan Telecom for $900 million in 2008 and later re-named it Etisalat DB.
The remaining 55 per cent is held by several entities, including the Dynamix Balwas Group, the promoter company, which has interests in real estate and hospitality.
Etisalat DB Telecom is yet to start operations in India. It has licences to provide Internet services and telephony and broadband services in 15 circles — Andhra Pradesh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Mumbai, Punjab, Rajasthan, Tamil Nadu, Chennai, Uttar Pradesh, Madhya Pradesh and Bihar. These licences enable the company to provide a full spectrum of telecom services covering a population of over 900 million across these circles, the statement said.
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