Etisalat May Buy $3 Billion Reliance Stake Next Month, FT Says

Emirates Telecommunications Corp may buy 26 percent of Reliance Communications Ltd., a stake estimated to be worth $3 billion, as early as mid-August, the Financial Times reported, citing people familiar with the talks.

Both sides are considering merging the Indian unit of Etisalat, as the Abu Dhabi-based phone carrier is known, with Reliance because of domestic rules that bar companies from owning more than 10 percent of two telecommunications companies, the newspaper said. Reliance and Etisalat declined to comment on any specific negotiations, according to the report.