Etisalat to tie up with Indian Swan

NEW DELHI: Emirates Telecommunications Corp is going to tie up with India's privately held Swan Telecom, India's telecoms minister, Andimuthu Raja, told reporters at an industry event on Tuesday.

"I am told unofficially one of the companies which got spectrum in some of the areas is going to align with Etisalat," he said.

When asked, which Indian company was involved, the minister said: "Swan, Swan ... informally I am told."He declined to give further details.

India's Business Standard newspaper earlier reported Etisalat was to buy a 49 percent stake in India's Swan Telecom for around $1.3 billion.

Etisalat Chief Operating Officer Ahmad Julfar said it the firm was set to announce an acquisition but did not give further details.