Emirates group nears deal with Reliance

Emirates Telecomunications is close to buying a 26 per cent stake in Reliance Communications, India’s second-largest mobile operator, people familiar with the negotiations said.

In an attempt to overcome a number of regulatory hurdles, the two groups are also considering merging Reliance with Swan Telecom, the Indian company in which the United Arab Emirates-based group holds a 45 per cent stake.

The deal – which is estimated to be worth about $3bn – would give the government-controlled group known as Etisalat a big step up in the world’s fastest-growing large mobile market with more than 600m subscribers.