Batelco Increases Indian Investment - Plans Further Aquisitions

Bahrain based Batelco says that it has increased its stake in India's S Tel to 42.7% and has an intention to raise that to 49% over the next few months. The company paid US$38.8 million to increase its holding from 36.9%.

"We have been working very closely with our partners and we are looking forward to the launch of full services from S Tel during Quarter 4 this year," said Batelco Group CEO Peter Kaliaropoulos.

S Tel has licenses to operate in 6 Indian states - Bihar, Orissa, Jammu & Kashmir (J&K), Himachal Pradesh, North East and Assam (NESA). S Tel's CEO Shamik Das stated that with Batelco's backing and experience in many telecommunications environments and Sterling Group's (Batelco's joint venture partners in S Tel) experience of running successful telecom operations in the 'low realisation per minute' Indian market, S Tel is all set to contribute in a big way to enhancing India's teledensity in Orissa, Bihar, J&K, Himachal Pradesh and NESA in the near term.

Mr. Kaliaropoulos also confirmed that Batelco plans to continue its regional expansion drive through targeted acquisitions of other operators and licences in MEA, India and Asia Pacific.

Posted to the site on 13th July 2009