UAE's Etisalat in talks to buy 25% stake in Reliance Communications - India Business - Business - The Times of India

When the Ambani brothers announced the scrapping of their non-compete agreement, TOI had predicted that Anil Ambani's Reliance Communications was likely to get outside investment soon. Now, it is learnt that UAE-based telecom major Etisalat is in talks to buy a 25% stake in the company. According to market sources, negotiations are at an advanced stage for the deal, which would be worth around Rs 18,000 crore.

A banking source claimed that after acquiring 25% in Reliance Communications, Etisalat will make an open offer to acquire an additional 20% stake from the public.

Reliance Communications refused to comment on the news. Etisalat's official spokesperson also denied any such development. However, reliable sources close to the talks confirmed the news.