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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.

October 15, 2008
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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.

 
 
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