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Etisalat to acquire 9.7% stake in TTSL

Emirates Telecommunications Corporation has pulled out of talks to acquire 9.7 percent stake in CDMA mobile services major Tata Teleservices (TTSL).

Etisalat, which is looking to expand into India, has instead started talks with other telecom companies including the Videocon Group's Datacom Solutions, Indian daily Business Standard reported on Monday.

Ravi Sharma, CEO of Datacom confirmed that Etilasat was one of the companies to which the company was talking but did not offer further details.

Etisalat's decision to withdraw from TTSL, which offers all-India services and has 20 million subscribers, came after the two parties failed to reach a "conclusive decision" on the price, a source close to the development told the newspaper.