Swan Telecom, an Indian mobile telephony provider, signed an agreement with UAE-based Emirates Telecommunications (Etisalat) to sell 45% stake of the company for USD 900 million, reports Business Standard.

Swan Telecom holds GSM licenses in 13 circles and is in process of acquiring two more licenses in the country. The company would require the Foreign Investment Promotion Board (FIPB) approval for the investments.

The deal puts the value of the Indian GSM service provider, which holds telecom in 13 circles, at around USD 2 billion.

Abu Dhabi-based Etisalat has operations in 16 countries, including Saudi Arabia, Pakistan and Egypt. The remaining 55% stake in Swan Telecom is held by several entities with major being Dynamix Balwas Group.