Bahrain Telecommunications Company (Batelco) has agreed to sell its 43 per cent stake in Indian affiliate STel for $175 million, in the first foreign exit since India scrapped 122 telecoms licences last week as part of a corruption probe.
Batelco's India affiliate STel will review the sustainability of its operations under the revised terms imposed by a recent court order, a statement from the Bahrain telecom firm said.
Batelco said it was studying
STel, a Batelco Group joint venture company in partnership with the Chennai-based Siva Group, has launched its mobile services in India, announced the company chairman.
“Initiatives are also underway to launch in three more circles by the