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| GBCORP, Batelco in strategic partnership for S-Tel acquisition |
| Press Trust of India / Dubai Jan 14, 2010, 14:51 IST |
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Bahrain's investment firm GBCORP and telecom firm Batelco Group have announced a strategic partnership for acquiring 11% stake in S-Tel, India, a joint venture between the Batelco Group and the Siva Group of India.
"We are greatly pleased to partner with the Batelco Group in their joint venture telecom project in India. The partnership with Batelco is a significant measure of our way forward strategy of building investment bridges through strategic partnerships, identifying new investment opportunities and diversifying our investment portfolio," said GBCORP Vice-Chairman & Managing Director Abdul Rahman Mohammed.
Batelco Group Chief Executive Peter Kaliaropoulos said the company was delighted and welcomed GBCORP as their investment partner in BMIC Limited, the subsidiary company of Batleco that will hold a 49 per cent stake in S Tel India, subsequent to GBCORP's investment.
"We value GBCORP's tremendous investment banking expertise and vision to team up with the Batelco Group and participate in diversifying its investment base, creating value from growth opportunities in India - one of the fastest growing telecom markets in the world," he added.
Since launching operations in December, S Tel has already acquired more than 300,000 customers from its launch in just three services areas out of six.
"Together with our investment partners, GBCORP and the Siva Group, we aspire to make S Tel a leading and formidable operator in India’s rural sector," Kaliaropoulos said.
"In terms of the telecom market in India, the next significant growth area is the potential C Circle, comprising India's North East region, which covers 26 per cent of the area and 20% of the population," said Ahmed Al Khan, Senior Executive Director, Head of Investment Banking at GBCORP.
"Subscribers in this segment will account for 35-45 per cent of the total subscriber base by 2012, making it one of the fastest growing telecom market segments."
Vaidyanathan Srinivasan Group CEO of Siva Group said that S Tel has Unified Access Services Licences to operate in six Indian circles — Orissa, Bihar, Himachal Pradesh, North-East, Assam and Jammu & Kashmir and commenced operations in December 2009 in Orissa, Bihar and Himachal Pradesh.
"The strategic partnership with the Batelco Group and a strong investment bank, such as GBCORP, will enable S Tel to make significant strides into the telecom market in India," he said.
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