Summary Box: Batelco sells stake in Indian telecom

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The Associated Press 10:21 AM Wednesday, February 8, 2012

SHEDDING ASSETS: Bahraini telecommunications company Batelco Group plans to sell its stake in Indian mobile operator S Tel for $174.5 million.

WHAT'S BEHIND THIS: India's top court nullified more than 100 mobile phone licenses from a 2008 sale deemed irregular. Although Batelco said it has been considering offloading the stake since April, the company noted the decision was part of an earlier agreement with Sky City to exit "given the circumstances" surrounding the probe.

NO LOSS: Batelco is selling the stake for the same amount it says it originally paid in two transactions in 2009.

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February 08, 2012 03:18 PM EST

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