FINANCIAL NEWS

Etisalat to raise stale in Indian venture

25 Sep 2010

(MENAFN) Emirates Telecom Corp, the UAE�s biggest phone company, will resubmit a proposal to raise its stake in an Indian venture after its initial plan was rejected by the government.

Etisalat, as the company is also known, plans to submit its proposal to the nation�s Foreign Investment Promotion Board within four days, Shahid Balwa, vice chairman of the Indian unit, said in an email.

Increasing its stake in Etisalat DB Telecom is part of a plan to expand in India, the world�s second largest wireless market, Balwa said.

The operator plans to offer cellular phone services in the nation�s 15 circles, or coverage areas, where it has a license.

Etisalat seeks to increase its stake in the Indian unit to 50 percent plus one share from 44.73 percent, the company said in February. The company�s Indian partner, DB Group, will continue to own about 45 percent stake in the venture, Balwa said.

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