Etisalat is in talks to buy a 26% stake in India's second-largest mobile operator, Reliance Communications, the Financial Times has reported, citing people familiar with the negotiations. The alliance between the two groups could be completed as soon as mid-August, a source said, while another person said it could take up to the end of the year. The two firms are considering merging Reliance with Swan Telecom, the Indian company in which the Etisalat holds a 45% stake to overcome regulatory hurdles.