Bahrain Telecommunications Company (Batelco) has announced the sale of its 42.7 percent stake in S-Tel for $175 million. The move marks the first foreign exit from Indian telecom sector after Supreme Court?s ruling of cancelling 122 2G licences.
Batelco will sell its stake to India partner Sky City Foundation Limited at the same price that it paid to acquire its holding in S Tel during 2009.
The deal is expected to be completed by October 2012.
STel had bagged 2G licences in January 2008 in six circles including Assam, North-East, Bihar, Orissa, Himachal Pradesh and Jammu and Kashmir.
Batelco had acquired 42.7 per cent stake in S-Tel through two transactions in May 2009 and June 2009 for a total of $175 million.
