Etisalat in talks with Reliance to buy its stake (India)

www.WirelessFederation.com/news: United Arab Emirates-based Emirates Telecommunications Corp and India’s Reliance Communications Ltd are in talks with each other as per which 25% of the latter will be bought by the former about INR180 billion. None of the companies have given any comment in this regard.

According to a local newspaper in India, Etisalat will also make an open offer to buy an additional 20% stake in the Indian telecom operator as per the country’s capital market regulations and added that Etisalat will have to sell its stake in its existing Indian telecom joint venture with the Dynamix Balwas Group, as local regulations don’t permit a company to hold more than 10% stake in two telecom companies operating in the same service area.

45% of its Indian joint venture, Etisalat DB Telecom Pvt. Ltd is held by the UAE based company.