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Batelco to acquire majority stake in Indian telecoms firm
- Bahrain: Tuesday, April 09 - 2013 at 01:26
A consortium led by Bahrain's Batelco is set to acquire an 80% stake in Reliance Globalcom, a subsidiary of India's Reliance Communications, for around $1.1bn, The India Times has reported, citing sources close to the deal. The transaction with Batelco is expected to be in place by the end of May and the management control of Reliance Globalcom would, thereafter, move to the Manama-based firm, said the sources. Batelco had earlier invested in the Indian 2G space as a 49% partner in STel, but had to quit the domestic telecom market after the Supreme Court cancelled 122 licences.
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