Etisalat has increased its holding in its Indian mobile network venture by buying a 5.37% stake from Chennai-based Genex Exim Ventures for around Rs 380 crore (US$81 million), reports the Economic Times newspaper. The transaction will push Etisalat's holding in the company above the 50% mark, giving it effective control of the company.
Etisalat is reported to have applied to the Indian watchdog for foreign investments, the Foreign Investment Promotion Board (FIPB) for approval to increase its holding to a majority stake.
Etisalat is currently a 45% shareholder in the Indian subsidiary after paying US$900 million for the stake earlier this year. The remaining 55% of Swan Telecom's shares are owned by several entities, including Swan's primary promoter, the Dynamix Balwas Group, a Mumbai-based real estate and hospitality business group.
Etisalat pushed through a brand-name change from Swan Telecom to Etisalat DB earlier this year.
It was also recently reported that Etisalat DB is in merger talks with fellow greenfield operator, Allianz Infratech.
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