UAE telecom operator, Etisalat, is close to buying a 26 per cent stake in the second most successful Indian telecoms firm Reliance Communications.
"We are talking to several Indian operators and are evaluating several Indian operators but have not reached a final decision," said Mohammad Omran, Etisalat chairman.
According to the Financial Times, the deal is estimated to be worth US$3 billion and the two groups are considering merging Reliance with Swan Telecom, the Indian company in which Etisalat holds a 45 per cent stake.
