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Wednesday, 22 February 2012

Bahrain's Batelco says India stake sale to lift 2012 profit | Reuters

Bahrain Telecommunications Co's (Batelco) sale of its stake in Indian affiliate S Tel will help it achieve double-digit profit growth in 2012, the former monopoly said on Wednesday.

On Feb. 8, Batelco announced it would it sell its 43-percent holding in S Tel for $175 million to its Indian partner, the first exit by a foreign operator since an Indian court cancelled 122 telecoms licences last month amid a corruption probe.

Batelco will receive the same price it paid to acquire the S Tel stake in 2009, with the sale expected to be completed in the fourth quarter.