NEW DELHI: Bahrain Telecommunications Company (Batelco) plans to increase its stake in S Tel to 49 per cent for $50 million, the domestic telco said
in New Delhi on Thursday.
Batelco has entered into a partnership with Bahrain-based Islamic investment bank Global Banking Corporation which in turn will acquire 11 per cent stake in S Tel for $50 million, S Tel director P Swaminathan said.
After buying 11 per cent stake, Batelco will hold 49 per cent stake in S Tel, a joint-venture between Chennai based conglomerate Siva Group and Batelco.
Siva group holds 57.3 per cent stake in the JV and Batelco 42.7 per cent. But Siva Group will come down to 51 per cent after Islamic investment bank's buying 11 per cent stake.
Batelco to raise stake in S Tel to 49 per cent for $50 million- Telecom-News By Industry-News-The Economic Times
in New Delhi on Thursday.
Batelco has entered into a partnership with Bahrain-based Islamic investment bank Global Banking Corporation which in turn will acquire 11 per cent stake in S Tel for $50 million, S Tel director P Swaminathan said.
After buying 11 per cent stake, Batelco will hold 49 per cent stake in S Tel, a joint-venture between Chennai based conglomerate Siva Group and Batelco.
Siva group holds 57.3 per cent stake in the JV and Batelco 42.7 per cent. But Siva Group will come down to 51 per cent after Islamic investment bank's buying 11 per cent stake.
Batelco to raise stake in S Tel to 49 per cent for $50 million- Telecom-News By Industry-News-The Economic Times