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FINANCIAL NEWS
Bahrain’s Batelco in talks for a stake in India’s Reliance unit
16 Mar 2013
(MENAFN) Bahrain Telecommunications Company (Batelco) has confirmed talks with Reliance Communications to buy a stake in the Indian operator’s enterprise business unit, Reuters reported.
Batelco is seeking to boost its income overseas and is keen to return to India, despite its former affiliate S Tel being one of eight mobile operators to lose their telecom licences last year as part of a corruption probe.
Peter Kaliaropoulos, Batelco Group CEO for strategic assignments said the talks were about buying a stake in Reliance Globalcom.
Earlier this month, the Times of India said that Batelco and Reliance were in negotiations, saying the Bahraini operator had valued Reliance Globalcom at USD1.3 billion.
Reliance Communications, India’s No.3 mobile phone carrier by customers, had net debt
If the deal was successfully sealed, it would be Batelco’s second major deal in a matter of months.
In December, it agreed to buy Cable & Wireless Communications’ Monaco and Islands division, which owns stakes in telecom operators in 12 markets including the Maldives, Channel Islands and the Seychelles, in a deal worth up to USD1 billion.
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