Batelco plans to re-enter India through acquisition
Dubai: Bahrain Telecommunication Company (Batelco) is looking to re-enter India through acquisition of a telcom company, according to a media report here.
According to daily 'The National', Batelco CEO Sheikh Mohamed bin Isa Al Khalifa stated that the company is not interested in participating in the upcoming 2G spectrum auctions in India to secure licences and set up a new joint venture in India.
However, it is planning to enter India again by investing in existing telcos, according to the daily.
Batelco had formed a special purpose vehicle with Dubai- based Millennium Private Equity to acquire 49 percent stake in Indian mobile services provider S Tel for USD 225 million in 2009.
S Tel had secured 2G licenses in six circles-- Himachal Pradesh, Jammu & Kashmir, Bihar, Orissa, Assam, and the North-East-- and had launched its GSM services in December 2009.
The Supreme Court had in February last year, however, cancelled 122 licenses, inclusding those of S Tel.
Following this, Batelco exited the venture by selling out its 42.7 percent stake in S Tel to Sky City Foundation.