Chennai-based industrialist C. Sivasankaran has acquired 51 per cent stake in S Tel through his investment company, Sterling Infotech, for about Rs 11.5 billion. In 2005, Sivasankaran sold his stake in Aircel to Malaysiabased Maxis for $1.08 billion. Following this, he was debarred from buying more than a 10 per cent stake in any Indian telecom company for three years as a part of a non-compete clause with Maxis. The two promoters of S Tel, Skycity Foundations and Telecom Investments, had earlier sold 49 per cent stake in S Tel to Bahrain Telecom.
