Batelco buys 49% shares in S Tel (Baharain, India)
Baharain’s Telecom operator Batelco, (the leading integrated telecommunications company in Bahrain with operations in six markets across the Middle East) is expanding its mobile operation by investing in India. Batelco has agreed to buy 49% shareholding in S Tel Limited (S Tel) for US$225 million. According to the company’s statement, Batelco has partnered with Millennium Private Equity (MPE), a Dubai Financial Services Authority (DFSA) regulated entity to form Batelco Millennium India Company (BMICL) to purchase the shares in S Tel.
S Tel has licenses to operate in Bihar, Orissa, Jammu & Kashmir, Himachal Pradesh, North East and Assam and the finalisation of the purchase is subject to preconditions but full completion is expected by end of Q1 2009.
S Tel Director Santosh Robert stated that he welcomed Batelco, an experienced operator in the mobile telephony market, to take part in development and growth opportunities in one of the fastest growing telecom markets in the world.
S Tel will benefit operationally by leveraging synergies with Batelco which through BMICL will be a significant shareholder in our company and together we would like to take a major part in shaping the future Indian telecommunication landscape, he said.
Batelco Chief Executive Peter Kaliaropoulos stated that the acquisition of the S Tel shares in partnership with MPE will provide significant growth opportunities for Batelco in the expanding Indian market, the third largest and fastest growing mobile market in the world.
