Bahrain Telecommunications Co (Batelco) has agreed to sell its 43 percent stake in Indian affiliate S Tel for $175 million, in the first foreign exit since India scrapped 122 telecoms licences last week as part of a corruption probe.
Batelco will sell the stake to India partner Sky City Foundation Limited and will receive the same price it paid to acquire its holding in S Tel in 2009, the Bahraini operator said on Wednesday.
On Feb. 2, India's judiciary scrapped 122 licences held by eight operators amid a 2G telecoms scandal.
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