Batelco Sues Indian Partner for Non-Payment Following Dispute Settlement
Published on: 8th Nov 2012
Note -- this news article is more than a year old.
Bahrain's Batelco has announced that it has started legal action against its former Indian partner Siva and is looking to recover USD184.8 million following the collapse of their joint venture.
Batelco said that the two sides had agreed to the settlement last November, following the cancellation of India's controversial 2008 GSM Licenses, but that Siva has not paid up.
Late last year, Batelco sold its 42.7% equity in the Indian mobile network, STel for USD174.5 million to its Indian partner, Sky City Foundation Limited.
The completion of the transaction was expected in October 2012.
Batelco, through a subsidiary company has now launched the legal action in the UK High Court.