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FINANCIAL NEWS
Etisalat close to buying 26% stake in Reliance
19 Jul 2010
(MENAFN) Financial Times reported that Emirates Telecommunication Corporation (etisalat) is close to buying a 26 percent stake in India’s Reliance Communications.
As a consequence to this news report, shares in Reliance rose more than three percent on Monday at Rs193.25 this morning, while the Mumbai market was down 0.2 percent.
The Arab World’s second-largest telecom operator by market value, now pursuing opportunities abroad, said net profit fell to Dh1.9 billion in the quarter from Dh2.4bn a year ago, missing analysts’ expectations.
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