Batelco acquires a stake in S Tel Limited

Batelco acquires a stake in S Tel Limited

Bahrain-based integrated telecommunications company Batelco has announced that they are now going to acquire a 49 per cent stake in S Tel Limited.

With this, the company would get a way to enter the Indian telecommunications market which is growing at a huge pace.

Batelco chairman Shaikh Hamad bin Abdulla Al-Khalifa said that the deal to buy this stake is worth $225 million.

They are partnering with Millenium Private Equity for this deal which would form a new entity Batelco Millenium India Company Limited.

Batelco Chief Executive Peter Kaliaropoulos added about their plans: “We explored a number of investment opportunities in India and S Tel was judged to be the most suitable investment for Batelco’s entry into the Indian telecommunications market. Our priority now is to assist S Tel to rapidly roll out network infrastructure and offer mobile services to customers.”