Citibank, Deutsche Bank advised Etisalat to invest in Swan
Friday, 15 April 2011, 06:54 IST
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New Delhi: UAE-based Etisalat, which picked up equity in controversial Swan Telecom (now Etisalat DB), has said that two leading global banks -- Citibank and Deutsche Bank -- had advised the firm on investment decision. "We were referred by reputed international investment banks to invest in Swan Telecom when we were exploring investment opportunity in India," Etisalat Senior Vice- President, Corporate Communications, Ahmed bin Ali told PTI. "There were several options given to us. The banks that had been recommending us for this were Citibank and Deutsche Bank," Ali said. Swan was considered after studying different options in India. "The whole thing was given to us as government approved and there was no suspicion or question raised," mention Ali during interaction. He, however, asserted that Etisalat remained committed to the Indian market and plans to raise stake in Etisalat DB.
Source: PTI
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