Batelco is selling it's 42.7% holding in @S_Tel_P to it's partner Sky City Foundation for $175Mn. The sale is expected to be completed by the fourth quarter of this year.
The company had acquired the 42.7% equity in STel via two transactions in May and June 2009 for a total of $174.5Mn.
S Tel Private Limited incorporated on June 19, 2007, is a JV between the Siva Group and Batelco Millenium India Company Ltd., a subsidiary of Bahrain Telecommunications Company. S Tel obtained Unified Access Services Licences to operate in the six Category 'C' circles of Orissa, Bihar, Himachal Pradesh, North-East, Assam and J&K in January 2008.
Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.
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