FINANCIAL NEWS

Batelco fails to get approval for Indian venture

01 Aug 2010

(MENAFN) Bahrain Telecommunications Company (Batelco) said that its plan to raise its stake in Indian communications firm S Tel has been rejected by the Indian government, Gulf Daily News reported.

Earlier this year, Batelco had sought approval to raise its nearly 42 percent stake in S Tel by an additional 6.3 percent for about $53 million.

If the deal had taken place, S Tel’s foreign holding would have risen to 54.61 percent because another foreign entity – Mauritius-based Telecom Investment Private, already has a 5.6 percent stake in the firm, The Economic Times reported.

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