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FinancialNews


  • 01-08-10

    Batelco fails to get approval for Indian venture

    (MENAFN) Bahrain Telecommunications Company (Batelco) said that its plan to raise its stake in Indian communications firm S Tel has been rejected by the Indian government, Gulf Daily News reported. Earlier this year, Batelco had sought approval to raise its nearly 42 percent stake in S Tel by an additional 6.3 percent for about $53 million. If the deal had taken place, S Tel's foreign holding would have risen to 54.61 percent because another foreign entity - Mauritius-based Telecom Investment Private, already has a 5.6 percent stake in the firm, The Economic Times reported.

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