Bahrain-based investment firm Global Banking Corporation (GB Corp) has acquired an 11 per cent stake in S Tel India, a JV between the Batelco Group and the Siva Group of India. GB Corp will make the investment through Batelco Millennium India Company, the investment vehicle through which Batelco holds a 49 per cent stake in S Tel. In June 2009, Batelco acquired a 42.7 per cent stake in S Tel for Rs 8.75 billion, valuing the company at over Rs 20 billion. Later, in September 2009, Batelco acquired another 6.3 per cent for Rs 1.25 billion. However, no financial detail or shareholding structure is available.
