Middle Eastern firms target Indian companies
Etisalat buys 45% of Swan Telecom and Masdar acquires a significant stake in wind turbine designer WinWind, at a combined cost of more than $1 billion.
In a move that shows the continued appetite of Middle Eastern firms to expand outside their immediate region, Emirates Telecommunications Etisalat and renewable energy company Masdar yesterday announced cross-border acquisitions in their respective industries. Both deals were struck with Indian business groups, adding to the growing business relations between the Middle East and India and illustrating the increasing flow of money moving between these two regions.
Etisalat, the largest telecom operator in the United Arab Emirates, led the way by...
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