Dubai, Jan 18 (PTI) Bahrain's telecom operator Batelco has agreed to purchase a 49 per cent shareholding in S Tel Limited (S Tel), a recently established Indian mobile operation, for USD 225 million, expanding its footprint in the world's second most populous country. Batelco has partnered with Millennium Private Equity (MPE), a Dubai Financial Services Authority (DFSA) regulated entity to form Batelco Millennium India Company (BMICL) to purchase the shares in S Tel, a company statement released here today said.
Batelco's Chairman Shaikh Hamad bin Abdulla Al-Khalifa said the company will further expand its mobile operations in 2009 by investing in India. S Tel has licenses to operate in Bihar, Orissa, Jammu & Kashmir, Himachal Pradesh, North East and Assam and the finalisation of the purchase is subject to preconditions but full completion is expected by end of Q1 2009.
Batelco, the leading integrated telecommunications company in Bahrain, has operations in six markets across the Middle East. S Tel was established to gain entry into the rapidly growing mobile markets of North East and North West India, the company said adding that the population in these areas is approximately 230 million and mobile penetration rate is less than 20 per cent.
Batelco Chief Executive Peter Kaliaropoulos stated that the acquisition of the S Tel shares in partnership with MPE will provide significant growth opportunities for Batelco in the expanding Indian market, the third largest and fastest growing mobile market in the world, where mobile penetration is currently growing at 9 to 10 million subscribers a month.
Batelco's Chairman Shaikh Hamad bin Abdulla Al-Khalifa said the company will further expand its mobile operations in 2009 by investing in India. S Tel has licenses to operate in Bihar, Orissa, Jammu & Kashmir, Himachal Pradesh, North East and Assam and the finalisation of the purchase is subject to preconditions but full completion is expected by end of Q1 2009.
Batelco, the leading integrated telecommunications company in Bahrain, has operations in six markets across the Middle East. S Tel was established to gain entry into the rapidly growing mobile markets of North East and North West India, the company said adding that the population in these areas is approximately 230 million and mobile penetration rate is less than 20 per cent.
Batelco Chief Executive Peter Kaliaropoulos stated that the acquisition of the S Tel shares in partnership with MPE will provide significant growth opportunities for Batelco in the expanding Indian market, the third largest and fastest growing mobile market in the world, where mobile penetration is currently growing at 9 to 10 million subscribers a month.
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