In a significant foreign move into India’s expanding mobile telecommunications sector, Bahraini telecom operator Batelco is set to acquire a 49% share in Indian regional mobile service provider S Tel for US$225 million. The deal was announced in mid -January.
Batelco entered a partnership with Millennium Private Equity (MPE) to form a new entity, Batelco Millennium India Company, in order to buy the shares.
The move is part of an aggressive expansion plan for Batelco which was outlined by CEO Peter Kaliaropoulos in October. “Our predictions for robust growth and cost and revenue synergies for the group, due to our overseas investments, are beginning to be realized,” Kaliaropoulos said. “Our Expand 2010 strategy aspires to transform Batelco into a regional mobile, broadband and ICT company across 10 countries serving more than 10 million customers by the end of 2010 with 80% of our revenues coming from our overseas operations.”
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