Iran's Rev. Guard buys stake in Iran telecom
AP
29-Sep-2009

TEHRAN — A consortium connected to Iran's powerful Revolutionary Guard bought a majority share in the country's telecommunications company Sunday, Iranian state media reported, bringing the strategic sector under the elite military force's control.

The Etemad-e-Mobin consortium's $7.8 billion purchase gives it a 50 percent plus one share stake in the Iranian Telecommunications Company, Iran's state media reported Sunday.

The deal underscores the Guard's increasing clout in Iran since hardline President Mahmoud Ahmadinejad — himself a former Guard member — came to power in 2005. Over that period, Companies affiliated with the Guard have been awarded more than 750 government contracts in construction and oil and gas projects.

State television said Etemad-e-Mobin was selected over another Iranian consortium that had submitted a bid for the majority stake. A third group was eliminated after authorities decided it did not hold the necessary security credentials.

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