Etisalat rules out deal with Reliance Communications this year
07 Sep 2010
Emirates Telecommunication Corp, the second-largest telecom operator in the Gulf by market value, is not looking to strike a deal with Reliance Communications in 2010 according to its international chief.
Jamal al-Jarwan, told Reuters, the company was considering other options in the Indian market and was open to investment in telecoms firm Idea Cellular. He added that he remained keen on Morocco.
Anil Ambani led Reliance Communications with a heavy debt burden had said in early June that it was looking to offload a 26 per cent stake in the firm.
Only Etisalat had till now said it was considering a deal with Reliance Communications. Etisalat is the only major telco with no presence in the fastest-growing mobile market.
Jarwan said he did not see any deal in the near future and definitely not this year. He added the company would take its own time.
Etisalat has been on an expansion spree after it lost its monopoly at home and is today present across 18 markets globally in Africa, the Middle East and Asia.
Jarwan added the telco was still 'very interested' in the Moroccon market. He said he hoped the company could move in the right direction with its friends in Morocco. The company was at one point very close to sealing a deal but was still waiting he said. He said the progress in the direction had slowed in the summer months.
