Tuesday, February 02, 2010

Etisalat - Increases its stake in Indian Unit and completes takeover Atlantic Telecom

[khaleej times] The Emirates Telecommunication Company or Etisalat has acquired the remaining shares in Africa’s Atlantic Telecom to increase its ownership to 100 per cent investing $75 million, while it has already moved an application to raise its stakes in its Indian subsidiary, Etisalat DB, to 50 per cent plus one share.

The Arab world’s second largest telecommunication company, which has its footprints in 16-countries in Asia, Africa and the Middle East yesterday said in a regulatory filing it has acquired an additional shares equal to 18 per cent in “Atlantic Telecom” to own the African telecom.

“Atlantic Telecom” holds variant majority shares in seven telecommunications organizations at Ivory Coast, Benin, Burkina Faso, Gabon, Niger, Togo, and Central Africa Republic.

Etisalat operates “Atlantic Telecom” by virtue of a 10-year management contract ending in April 2015.The Abu Dhabi-based telecommunication major has filed an application to the Indian Foreign Investment Promotion Board (FIPB), seeking regulatory approval to raise its 44.73 per cent stake its Indian subsidiary Etisalat DB to 50 per cent plus one share. The application has to be 
approved by FIPB.

Etisalat DB Telecom has the Unified Services Access License in 15 circles including Andhra Pradesh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Mumbai, Punjab, Rajasthan, Tamil Nadu (including Chennai), Uttar Pradesh (East), Uttar Pradesh (West), Madhya Pradesh and Bihar.

These licenses enable the company to provide a full spectrum of telecom services covering a population of over 900 million across these vast circles.

Under the license the Mumbai-based Etisalat DB can also provide Internet Telephony, Internet Services and Broadband Services. Etisalat DB’s services will include national & international long distance telephony solutions, full range of prepaid & postpaid products, national & international roaming and Value Added Services.

Etisalat Seeks to Up Stake in Indian Unit, Takes Over African Venture

No comments: