The United Arab Emirates' main telecom operator Etisalat said that a deal has been signed to obtain almost half of new Indian mobile operator Swan Telecom for 900 million dollars.

The company informed in a statement, “Etisalat ‘has signed a definitive agreement to acquire approximately 45 percent of Swan Telecom, a recently licensed mobile operator in India, by subscribing to newly issued shares for a cash consideration of up to 900 million dollars.”

It’s further reported, “Swan Telecom holds licences for 13 telecom service areas in India, and is in the process of acquiring licences for another two, enabling it to reach more than 900 million people across the country.”

The remaining 55% of Swan Telecom shares are detained by other entities as well as the promoter of Swan Telecom which is controlled by the Dynamix Balwas Group, a Mumbai-based property and hospitality group.

Mohammad Hassan Omran, the Etisalat chairman added, “Our entry in India, one of the largest and fastest growing mobile markets in the world today, marks an acceleration of our expansion strategy and brings to us an opportunity which matches the scale of our ambitions.”

State-controlled Etisalat services have more than 64 million customers in 16 countries in Asia, Africa and the Middle East.