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.
Apollo Fiege, a JV between Apollo LogiSolutions Ltd., India and FIEGE Logistics, Germany, and Itlay’s Ferrari are forming a JV to offer secured logistics services for diamonds, gems and jewellery, technology components and luxury verticals like art.
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