Ummid Assistant

Exam time: Dial a helpline to overcome stress

IGNOU launches value education programme for teachers

Welcome Guest! You are here: Home Business & Economy

Bahrain's Batelco to exit India, to sell stake in STel

Wednesday February 08, 2012 10:44:51 PM, IANS

Related Articles

Supreme Court cancels all 2G licences during Raja's tenure

The Supreme Court Thursday cancelled all 122 licences granted to telecom firms during the tenure of former communications minister A. Raja and left it to the trial court to judge  

Customers won't be troubled by cancellation of 2G licences

What is the 2G spectrum scam about?

Telecom judgement paves way for policy clarity: Experts

New Delhi: The Supreme Court verdict cancelling 122 telecom licences claimed its first casualty as Bahrain-based Batelco Wednesday announced its exit from India, selling its stake in mobile firm STel.

STel, which had acquired licences to operate in six circles including Odisha, Bihar and Himachal Pradesh, is a joint venture between Batelco and Sky City Foundation, owned by former Aircel promoter and serial entrepreneur C. Sivasankaran.

BMIC Limited, a 100 percent Batelco-owned subsidiary company, had acquired the stake in STel via two transactions in May and June 2009 for $174.5 million.

"Batelco Group, the Middle Eastern regional telecommunications operator of reference with operations across seven countries, today (Wednesday) announced its agreement for the sale of its shareholding in STel, a mobile operator in India," the company said in a statement.

"This is a part of an earlier understanding with its Indian partner to exit given the circumstances surrounding the 2G probe in India over the past 12 months," it added.

The agreed time frame for completion of the stake sale is the end of October 2012.

The Supreme Court has given all the affected firms four months time to shut shop and asked the government auction the free the spectrum.

Another telecom operator which has also hinted at exiting India business, Uninor's parent firm Telenor has said it would fight for its rights and proposed restricting older players from the 2G auction whenever the government conducts it.

Uninor's case has also been taken up at a diplomatic level by Norway. The country's IT minister Tuesday met Communications Minister Kapil Sibal.

Even Russia's Communications Minister Igor Shchyogolev is reported to visit India to express the country's concern over its investments in the Indian firm, Sistema Shyam Teleservices (SSTL).

SSTL, a joint venture between Russia's Sistema and India's Shyam Group, which provides its services under the MTS brand name, has also said that it reserves the right to protect its interests by using all available judicial remedies and was mulling the option of filing a review petition in the apex court.

Sistema holds a 56.68 percent stake in the venture, while the Russian government holds 17.14 percent and the Shyam Group of India has another 23.98 percent. The remaining 2.2 is publicly owned.

Another foreign operator, which has also been affected by the Supreme Court's ruling, is Dubai's Etisalat. The company protested the apex court's decision saying it had no knowledge of what occurred in the licence application process for Swan, which was conducted by the Indian promoters and their associates.

According to Etisalat, the promoters subsequently marketed the Swan investment opportunity to Etisalat through an international investment bank.







Bookmark and Share

Home | Top of the Page


Note: By posting your comments here you agree to the terms and conditions of

Comments powered by DISQUS






Top Stories

Peaceful start to UP elections, 62 percent turnout

The crucial Uttar Pradesh elections, which will have a bearing on the national political arena, kicked off Wednesday with the first of seven phases seeing millions peacefully  

109 Muslims fight as Uttar Pradesh goes to poll amid hung house prediction

UP politics still 'caste' in stone


  Most Read

Gujarat High Court raps Narendra Modi government

The Gujarat High Court Wednesday criticised the Narendra Modi government in the state for "inaction and negligence" during the 2002 post-Godhra riots that led to large-scale destruction of religious  

Male calm as new president readies national government

Maldives' new President Mohamed Waheed said he would form an all-party national unity government Wednesday, the day calm returned to the capital after weeks of protests that   

Maldives: Police revolt; Nasheed's whereabouts unknown


  News Pick

Karnataka sleazegate ministers quit, BJP embarrassed

Three Bharatiya Janata Party (BJP) ministers in Karnataka resigned from their posts Wednesday, a day after two of them were caught watching  

Karnataka minister caught watching porn in assembly

Amnesty favours trial of rights violators in Kashmir

Security personnel involved in rape and murder cases in Jammu and Kashmir should stand trial instead of seeking immunity under the often criticised armed forces' special powers law, human rights group Amnesty  

Indian schools may offer international curriculum

The Central Board of Secondary Education (CBSE) will soon introduce its international curriculum, CBSE-I, in schools in India on trial basis, Human Resource Development Minister Kapil Sibal said   


Picture of the Day

New Delhi,27 Jan 2012-IGNOU Vice-Chancellor M Aslam receiving the "Best teaching practices Award" from noted film director Prakash Jha at the India Today Aspire education summit 2012,in New Delhi on Friday. Also in picture India Today Group's Rekha Puri.

(Photo: IANS/Amlan Paliwal)



RSS  |  Contact us


| Quick links



Subscribe to

Ummid Assistant



Science & Technology



About us




Government Schemes










Contact us




    Disclaimer | Terms of Use | Advertise with us | Link Exchange is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

2010 Awaz Multimedia & Publications. All rights reserved.