ID :
45808
Mon, 02/16/2009 - 13:00
Auther :
Shortlink :
https://www.oananews.org//node/45808
The shortlink copeid
Etisalat wins 'Best India Deal' Award
Abu Dhabi, February 16, 2009 (WAM) - FinanceAsia, the leading financial journal in Asia and the Pacific, has awarded Emirates Telecommunications Corporation - Etisalat, the second-largest Arab telecommunications company by market value 'Best India Deal 2008' award in its acquisition of a 45pc stake in Swan Telecom in India.
The prestigious award was announced in Hong Kong in the annual FinanceAsia Awards which enjoys high reputation among Asia and the Pacific banking industry.
Emirates Telecommunications -Etisalat, the largest telecom operator in the United Arab Emirates, agreed to buy 45pc of India's Swan Telecom for USD900 million in September. Swan Telecom holds mobile licenses for 13 areas in India and is in the process of acquiring two more, giving it access to a population of 900 million potential mobile phone users across the emerging market.
The balance 55pc of Swan Telecom is owned by several entities, including its promoter which is controlled by the Mumbai-based Dynamix Balwas Group. The deal illustrated that even in the most difficult markets. The judges said: "The deal was a precursor for other strategic investments in Indian telecoms majors this year and the valuation set a benchmark".
The award recognises the highly successful International expansion of Etisalat that follows a prudent investment strategy and careful examination of the available investment opportunities. It is yet another sign that Etisalat is on course to achieving its goal of being one of the top 10 operators in the world by 2010.
Etisalat has operations and investments in 17 countries in the Middle East, Asia and Africa and services over 74mn customers across these markets. The total population of its regional footprint is currently 1.7bn people.
The prestigious award was announced in Hong Kong in the annual FinanceAsia Awards which enjoys high reputation among Asia and the Pacific banking industry.
Emirates Telecommunications -Etisalat, the largest telecom operator in the United Arab Emirates, agreed to buy 45pc of India's Swan Telecom for USD900 million in September. Swan Telecom holds mobile licenses for 13 areas in India and is in the process of acquiring two more, giving it access to a population of 900 million potential mobile phone users across the emerging market.
The balance 55pc of Swan Telecom is owned by several entities, including its promoter which is controlled by the Mumbai-based Dynamix Balwas Group. The deal illustrated that even in the most difficult markets. The judges said: "The deal was a precursor for other strategic investments in Indian telecoms majors this year and the valuation set a benchmark".
The award recognises the highly successful International expansion of Etisalat that follows a prudent investment strategy and careful examination of the available investment opportunities. It is yet another sign that Etisalat is on course to achieving its goal of being one of the top 10 operators in the world by 2010.
Etisalat has operations and investments in 17 countries in the Middle East, Asia and Africa and services over 74mn customers across these markets. The total population of its regional footprint is currently 1.7bn people.
