UAE's leading telecom services provider Etisalat has sought an approval from the Foreign Investment

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Promotion Board (FIPB) to raise its stake in its Indian subsidiary Etisalat DB to a majority share.

The company currently has 45 per cent stake in its Indian subsidiary Etisalat DB and it seeks to raise it to 50 per cent plus one share and has sought the approval of the Foreign Investment Promotion Board (FIPB).

Etisalat targets majority stakes in its subsidiaries and associates for more operational and financial synergy, it said in a statement today.

Etisalat also announced that its subscriber base has exceeded 100 million subscribers across its 18 markets in the Middle East, Asia and Africa covering 2 billion people.

The announcement was made by Etisalat Chairman Mohammed Omran who is currently leading a senior delegation participating in Mobile World Congress 2010, in Barcelona.

This comes shortly after Etisalat announced it has acquired an additional share equal to 18 per cent in Atlantic Telecom thus increasing the shareholding to 100 per cent.

Etisalat recently reported annual net revenues of 30.83 billion dirhams and net profits of 8.836 billion dirhams marking a 5 per cent and 16 per cent increase respectively, compared to 2008.

Etisalat's delegation will hold a series of meetings with CEOs and experts from telecom and technology companies to discuss the latest innovations.