• Most Popular
  • Most Shared

India's Swan Telecom to start services in 2009-MD

Tue Sep 23, 2008 6:29am EDT

NEW DELHI, Sept 23 (Reuters) - India's Swan Telecom, in which Emirates Telecommunications Corp ETEL.AD has bought a 45 percent stake for around $900 million, plans to launch its first telecoms operation during the April-June quarter of 2009, its managing director said on Tuesday.

"As of today, we have got spectrum in 10 circles. We will be launching our first operation in the first quarter of next financial year," Shahid Balwa told Reuters. India's financial year runs from April to March.

The spectrum in 10 circles includes the lucrative Delhi service area, he said.

Swan has telecoms licences for 13 of India's 22 service areas later.

Balwa said the Indian shareholders would remain the controlling stakeholders in Swan after the Etisalat deal, which was announced earlier on Tuesday. (Reporting by Devidutta Tripathy; Editing by John Mair)



More from Reuters

Photo

Democrats gain 60th vote on health bill

WASHINGTON (Reuters) - Senate Democrats reached a compromise on Saturday with the last holdout senator that secured the 60 votes they need to pass a broad healthcare overhaul sought by President Barack Obama.

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review