Emirates Telecommunications Corp (Etisalat) is close to buying a 26 per cent stake in No. 2 Indian telecoms firm Reliance Communications, the Financial Times reported, citing people familiar with the negotiations.
The deal is estimated to be worth $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, the newspaper said.
