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

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)